Not sure what you mean by income loss. You either have net income or a net loss. The K-1 should be checked final
For capital loss purposes, your basis was the original $50k (I assume no distributions) reduced by the net losses each year. (Your K-1 schedule L, if completed, should show a negative $33K). Your cumulative losses exceed what you invested, and that indicates you were not at-risk for the excess so that portion is not deductible. For your 2025 return, you should get an ordinary loss deduction of $50K (the suspended losses reduce by the amount not at-risk). You must go through the disposal section and indicate sold for $0 with a basis of $0. There is no way you get a $133K loss when you only put in $50K.
https://www.irs.gov/pub/irs-pdf/i1065sk1.pdf - make sure to read the at-risk section
you can use the worksheet in the 1065 instructions to figure your basis. However, be warned that the 1st line is your basis on 12/31/2024, with a warning that it says- Not less than zero. Normally if schedule L is completed, it would be what's showing at the beginning of the year + your share of liabilities. With termination, your share of liabilities at the end of the year should be zero.
