I was a passive investor in an LLC taxed as a partnership that shut down in 2023. They have not issued K-1s for several years and did not do so for 2023. I've researched how to handle and believe I know my basis, my suspended loss, and capital account balance. The posts I've seen on this topic said to enter a K-1, mark it as final, and enter the prior year suspended loss. I've also told TT I disposed of my holding and checked the box that the partnership discontinued. However, I'm not seeing anything flow to Schedules D or E and am not sure what the supporting worksheet should look like i.e. which boxes would flow to those schedules. So, I'm hoping someone can help me make the correct entries. Some specific questions:
- my last capital account balance was negative. In the interview, I entered that as my beginning balance. Should my ending balance be the same or should it be $0?
- should I say I disposed of my interest rather than the partnership ended?
- TT didn't carry my Suspended Loss forward from 2019 so I have to enter it manually. However, it's not clear where to enter that and whether what TT calls "Passive Loss Carryover" is the same thing. I checked the box saying I had passive losses carried over and then entered the amount as Ordinary Gain/Loss sale of partnership interest.
Thanks in advance!
