Yes, you can claim the $12,000 you lost on your restaurant investment. You will report the sale in the same section in which you report stock and other investment sales. To Enter in TurboTax:
- Type "Investment sales" in the search window and click Enter
- Click on "Jump to Investment sales"
- On the page with "Did you have investment sales in 2023?" Answer Yes
- Answer No to "Did you cave crypto income or losses in 2023?"
- Skip the import sections and click on Enter another way
- On the screen with OK, let's start with one investment type, click on "Other"
- Answer No to "Did you get a 1099-B..."
- Enter the name of the person or entity that brokered the sale (you can leave this blank)
- On the "Now enter one sale for [description]" Indicate "Other" and give a description like "Restaurant Start-up".
- The interview will walk you through entering the details of the sale
I would enter the same value for proceeds and fair market value.
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