Retirement tax questions

It is indeed a good idea to consult a professional. This is a very complex area.

But perhaps a couple of things that might help you ask the right questions.

First, if you expect to get nothing out of the asset, then there is value in just being done with it, if only to have things be simpler in the future. If you expect to get something out, you have to decide whether it is worth waiting. Factoring into that is whether or not a loss in this tax year is better or worse for you than it would be in the future.

Depending upon the details of the K-1 over the years, you may had losses in one or more years. Usually those are passive losses unless you participated in running the activitiy. Those losses might have reduced your income in those years (if you had other passive gains) or not (if you didn't have enough passive gains). If not, those losses are "suspended" until you fully dispose of the property.  They, and any similar losses, go on different forms than a regular capital loss.

I would expect that you would indeed get a final K-1, but maybe not. If any case you would mark it in TT as "final" so it doesn't show up in future years and so maybe any last year calculations are made.

If you use Desktop Turbotax, take a look at your existing K-1 form for the activity. It will be Section A on page three, giving you the history of suspended and allowed passive losses. Then look at K-1P Additional Info 2. You get to that by clicking on the "quickzoom" box in the "final K-1" area.  The proper way is through the interview somewhere.