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Level 1
posted Apr 12, 2024 4:04:16 PM

How to report loss from K-1 for investment loss(invested Angellist startup shut down)

Hi, I invested a startup on Angellist in 2021 and the startup shut down in 2023. I received a final K-1, I filled it out on Turbotax, but the loss is not counted as in the screenshot. I chose "Disposition was not via a sale" and "All of my investment in this activity is at risk". Is it correct? Or I should add this investment loss to the Investment Income section? Thanks!

0 1 6755
1 Replies
Expert Alumni
Apr 14, 2024 7:04:53 AM

To report your gain/loss for this investment, go back to the Schedule K-1 entry screens and follow these steps:

 

  1. Describe this Partnership; "This partnership ended in 20XX" and "Complete disposition."
  2. Tell Us About Your Sale: "Sold Partnership interest." This allows you to report the gain/loss.
  3. Enter Sales Dates: initial contribution date and date the investment shut down.
  4. Enter Sale Information:
       Sale Price = 0
       Partnership basis = initial contribution adjusted for any activity from Schedule K-1. 
  5. The next page displays the gain/loss summary for the investment.