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.
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.