Tagging @jtax because I saw a fantastic answer to another post about K-1 handling.
Situation:
I've already filed 2022 1040 forms and need to amend based on late arriving K-1 for an LLC that bought/sold land after making improvements. I was a passive investor.
Need some help navigating TurboTax to input correctly
3 Questions:
1. Original investment was in 2004 for $25K. In the final K-1 there is a distribution of $4K. Is there a place for me to claim a $21K capital loss?
2. The $4K distribution is a check that I'm not going to receive until next week, in 2022. I'm assuming that since it's called out on the 2021 K-1 it belongs in my 2021 taxes... but LMK if I need to hold onto that until 2022 filing.
3. Over the years I've received an annual K-1 describing that year's (passive) business loss which has carried forward. The sum of these passive business losses is around $11K. Can I also take that? Or is that somehow already part of the $21K I calculated in question #1?
Note there was a (large) distribution in 2007 and at that time I paid taxes on that as ordinary income and got relief for the (up to that time) accumulated passive losses.
Many thanks to those that can help steer me!
