As a limited partner/investor in a restaurant, I was issued a K-1 every year for five years, and each year reported a loss. The restaurant finally closed this summer, and my entire $25,000 was a loss. Isn't this something that I can write off on my taxes? There seems to be no repercussion via TurboTax. I know that when my dad lost a similar amount in the stock market (on Motorola!), he was able to take a $3000 deduction every year until the loss amount was used up. Please advise!
If you have no gains to offset with the $25K loss, you will be able to deduct only $3000 and carry the $22K forward to next year