TGB is technically correct, however, in many cases there is either no one around the organization to prepare the return and / or there are no funds to pay a professional to complete the tax returns.
As a member in an LLC you are required to maintain your basis in your LLC investment. This begins with your initial capital contribution, adjusted annually for the applicable lines on the K-1 including any distributions.
If you have not maintained this, then I would recommend that you pull together all your K-1's and prepare your basis. This is the only way you will know your true loss.
Once you have your basis, then you can determine your loss. If you have a positive figure, then this represents your loss in the venture; capital loss (assuming you did not make any additional capital contributions within the last 12 months which would make part of the loss short term).
This loss would be reflected on Schedule D and the applicable form 8949. I would just delete the K-1 from the system.
If you ever do receive a K-1, then you can amend your return accordingly.
*A reminder that posts in a forum such as this do not constitute tax advice.
Also keep in mind the date of replies, as tax law changes.
