Finishing my 2024 taxes now. One of my investments is a multifamily syndication that bankrupted in 2024 and the bank foreclosed on the property.
I lost all my investment.
I got a "final" K-1 form for 2024. It seems that the form does not reflex the total loss.
Is this how it works? Should I declare the total loss in TurboTax (desktop), to reduce my taxes?
Here is more info about the K-1 and the investment, if needed:
In the 1st year the syndication did a cost segregation study which gave a huge depreciation (showed a huge rental loss in year 1 and also in subsequent years). Since it is passive loss, I could not claim it on my tax return, and it piled as disallowed loss to be carried over to future years, on form 8582. The "final" K-1 form seems to be reverting that huge rental loss, by showing huge gains on line 9c (unrecaptured section 1250 gain) and 10 (net section 1031 gain). I wonder if their CPA did it right.
