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Level 2
posted Feb 22, 2020 9:09:28 AM

Loss on Dissolved Partnership

I have entered a loss on a dissolved partnership but the loss does not appear on form 8949.  any hints as to what I may have done incorrectly?

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2 Replies
Level 15
Feb 22, 2020 9:37:00 AM

How did you enter the transaction into TurboTax? Also, did you receive a K-1?

Level 2
Feb 24, 2020 1:15:27 PM

Using info from a K-1. Partnership was dissolved by year end 2019. K-1 shows a basis and ending capital account with a positive number. K-1 notes that it is a final k-1. In TurboTax I checked the box for “disposed a portion of my interest” then indicated that I sold my interest receiving zero and noting the ending capital basis. This then shows a capital loss, but the loss does not carry to form 8949 as a Sale of a Capital Asset and therefor no benefit carries to the calculation of taxable income.