Further information is needed to completely answer this question.
- Why didn't you receive a K-1?
- who was responsible for preparing the Partnership K-1?
- Were K-1s issued for prior years?
- Has the business shut down for good?
If the LLC has gone out of business and will not issue a K-1, you may have a capital loss for the remainder of your investment.
You are entitled to claim a capital loss for your basis in an investment that has become totally worthless.
Your basis in an investment equals the amount of money you invested minus any losses previously claimed, plus any gains previously reported, minus any distributions previously received.
In TurboTax you enter the disposition as a sale under 'Investment Income' as a sale of 'Stocks, Mutual Funds, Bonds, Other'.
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