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BillG1947
Level 1

Loss from Bankrupt Limited Partnership with no final K-1

How do I input my loss from a limited partnership that went bankrupt in 2021?  I invested in the project in 2014 and have been receiving K-1's every year showing my initial investment with no other entries.  It was a real estate development project. The property was foreclosed on this year leaving the partnership with no assets.  The manager of the partnership filed for bankruptcy after the foreclosure and has advised that he will not be issuing a final K-1.   

 

How do I input the loss in TT?

1 Best answer

Accepted Solutions
MMTaxMM
Level 10

Loss from Bankrupt Limited Partnership with no final K-1

Input the loss like a regular stock sale. Use $0 for your sales price and input what you paid for the investment. Should end up on form 8949 and SCH D.

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4 Replies
MMTaxMM
Level 10

Loss from Bankrupt Limited Partnership with no final K-1

Input the loss like a regular stock sale. Use $0 for your sales price and input what you paid for the investment. Should end up on form 8949 and SCH D.

spaszoid2
Returning Member

Loss from Bankrupt Limited Partnership with no final K-1

Do you use the initial investment cost or the cost basis?

spaszoid2
Returning Member

Loss from Bankrupt Limited Partnership with no final K-1

I did what you suggested and it worked out ok. But, I noticed in the worksheet it said "Long term sales not reported to the IRS". Since this is on the worksheet I assume it won't be on the tax return. Is this correct?

MMTaxMM
Level 10

Loss from Bankrupt Limited Partnership with no final K-1

No, it should show up on your SCH D......Part II

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