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Rome
New Member

How do I enter an stock investment loss in a LLC in turbo tax? It it pulling it in under my personal losses.

 
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2 Replies

How do I enter an stock investment loss in a LLC in turbo tax? It it pulling it in under my personal losses.

we need more info because, depending on the facts, the loss could be an ordinary business loss or a capital loss.  What type of entity was it?   what happened to it? 

 

 

A single-member LLC would likely be an ordinary loss. A multi-member LLC could be capital but it depends on your basis and losses and distributions to determine your tax basis during the course of your ownership

 

 

a publicly traded partnership would likely be a capital loss, but you woukld ned to use the supplemental sales schedule to determine the proper reporting 

MelindaS1
Expert Alumni

How do I enter an stock investment loss in a LLC in turbo tax? It it pulling it in under my personal losses.

Start by entering the K-1 income into the return as you typically would each year, follow the prompts until you see this screen - then check one of these 2 boxes for disposal (the top box, for a full disposition): 

 

final-K1.jpg

 

The program will guide you from there to enter the necessary details to report the long-term loss on sale / redemption of partnership interest, which will flow to Schedule D / Form 4797 / etc., given your specific entries to the following question prompts. Note: ownership and sale of a partnership interest is usually a capital gain/loss transaction, and should flow to your individual capital losses. 
 

Learn more: 

IRS LB&I - Sale of a Partnership Interest

TurboTax - How do I report the sale of Publicly Traded Partnerships [...] 

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