Hi,
I am an investor in a restaurant and with this quarantine situation I was thinking there is a chance that the restaurant does not survive an extended lockdown. This is my only K-1, I have no other passive income (or loss). Lets say I invested $50,000 back in 2015 - if the restaurant fails in calendar year 2020 and the value goes to $0...
1) How do I report that loss on my taxes?
2) Do I get a tax benefit somewhere for the $50,000 loss?
*I know my capital account is a bit less than 50,000 after some passive losses over the years but is still roughly $50,000*
Thank you!
