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Paul24
Returning Member

Received a K1 from Oil E&P with no data other than the ending capital. They say they are insolvent, talk to tax advisor on basis to write off. How do I handle in TT.

What forms do I use.
1 Best answer

Accepted Solutions

Received a K1 from Oil E&P with no data other than the ending capital. They say they are insolvent, talk to tax advisor on basis to write off. How do I handle in TT.

As long as the K-1 has a beginning capital balance or if you the 2015 K-1 and can find the capital balance then what do is enter the K-1.

When you start entering it, it will ask if any of these situations apply, and you will mark SOLD in 2016.  I know it when bankrupt but that is still treated like a sale.

The sales price will be $0 and the date will be the date it went bankrupt in 2016. 

Then as long as the basis is listed, TurboTax will compute the loss on the sale.  

Enter the K-1 as follows:

Federal taxes

Wages and Income 

scroll down to  Business Investment and Estate/Trust Income 

then to Sch K-1 and enter it here. 

View solution in original post

1 Reply

Received a K1 from Oil E&P with no data other than the ending capital. They say they are insolvent, talk to tax advisor on basis to write off. How do I handle in TT.

As long as the K-1 has a beginning capital balance or if you the 2015 K-1 and can find the capital balance then what do is enter the K-1.

When you start entering it, it will ask if any of these situations apply, and you will mark SOLD in 2016.  I know it when bankrupt but that is still treated like a sale.

The sales price will be $0 and the date will be the date it went bankrupt in 2016. 

Then as long as the basis is listed, TurboTax will compute the loss on the sale.  

Enter the K-1 as follows:

Federal taxes

Wages and Income 

scroll down to  Business Investment and Estate/Trust Income 

then to Sch K-1 and enter it here. 

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