Failed LLC no K1 for a few years, no final K1.

[brepp]

I was passive investor in an LLC.  LLC has failed and not sent a final K1 nor is anyone reachable.  Last K1 received was a few years ago.  I contacted Accountant on that K1 and he has not had any contact with them either for years. The LLC no longer exists.  I want to take the loss for 2023 plus indicate the LLC is no longer for the income offset in 2023.  The most recent K1 if have from them indicates basis and what is left but is a few years old. How do I do this within Turbo Tax?  I can report a loss on 8949 but it will it flag that K1 as over? I stopped showing that LLC a couple of years ago.

Thank-you,  

[Anonymous_]

You almost certainly have suspended passive losses and a loss on the failure.

I will page @Mike9241 

[brepp]

Thanks for the reply.  How do I report that in Turbo Tax?  I understand that when an LLC "ends", the loss is against the income in that tax year.  Do I show/input the old K1 and then indicate it ended but no distribution?  That K1 shows remaining value which is my loss as it will never be seen.  Can that remaining value loss be all against 2023 income or does it only apply against other capital gains.  The latter would require carry overs as there is not enough capital gains to offset. That is why I wanted to "end" the LLC - to avoid that carry over.  If doable how to address in Turbo Tax is not clear to me.

[AmeliesUncle]

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@brepp wrote:

The LLC no longer exists.  I want to take the loss for 2023 plus indicate the LLC is no longer for the income offset in 2023.  The most recent K1 if have from them indicates basis and what is left but is a few years old. How do I do t

An ownership in  an LLC is similar to owning stock.  You can only deduct the loss in the year it becomes "worthless" or you abandon the ownership.

Do you have an evidence it became "worthless" in 2023?  If it became worthless before 2023 (such as whenever the LLC ceased to exist), you would need to amend that year to claim the loss.