Hello,
I am an individual general partner in ABC, LLC.
ABC, LLC invested as a limited partner in XYZ, LLC a few years ago.
During these years, I filed my individual K-1s for ABC.
In 2019, ABC's share went to 0%. A final K-1 from XYZ was given to ABC.
I received my K-1 from ABC. It is not the final K-1, as ABC continues to exist.
Can I deduct the loss of my capital in XYZ from my regular 2019 income? It seems the only way to get TurboTax to recognize this loss is if I select that the partnership ended in 2019. However, ABC still exists. I tried selecting to dispose of a portion of my interest, but when I filled in the data, it did not apply to my regular 2019 income.
Thanks for any/all help. I'm happy to provide more info if needed.
