I want to amend my 2023 and maybe my 2022 tax return to write off a bad investment loss. It is a passive activity loss. I invested into a small business that had to do with a farm producing medicine. From other forum posts, it seems like I can just open my 2023 file in Turbo Tax and click the "amend" option. then go to Search and look for Schedule D. but I wasn't sure if I'm supposed to go to form 8582.
- We did not receive a K1. It was poorly managed and the team basically ran it into the ground
- It's not a rental or a stock loss. So I wasn't sure which section to go to
- I'm aware there's a limit of 3K to write off against income. I didn't make money on stocks in 2022, but I made about 20K in stock on 2023. It makes sense to amend my 2023, but not so sure if it's work it to do on 2022.
- I have paperwork to prove I put in the money to the business, documents to prove I'm part of the investors, and paperwork showing it closed.
Thanks!
