I have an LLC Partnership with an adjusted basis of $ 251,000 at the beginning of 2021. I did not receive K1 for 2021 but the LLC filed bankruptcy 3 months ago in June 2022. I did not expect either K1 or any money back. I have capital gain $450,000.
I am thinking report worthless in and claim a loss of $25100. The question is the bankruptcy filed in 2022 before filing the return of 2021.
I am looking for the community suggestion.
When do we recognize the loss in 2021, in 2022 or as per the return of the LLC.
