Hi,
I received a late 2019 final K-1 from a LLC I was a passive member in. The LLC built a software and at dissolution, I received the codebase. The codebase is still with me and hasn't been sold yet.
The final K-1 shows (736) in operating loss and ending capital account of positive $34,000 (which is around the money I had invested).
1) I am amending my 2019 personal return, which forms should I fill and how should I track the $34k in capital account loss?
2) What do I do about the capital account loss in 2020 and 2021 as I won't be receiving any new K-1s (since the entity is dissolved)?
3) Next year, I am expecting some passive income. Can I use this capital account loss to offset part of that passive income?
