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February 23, 2025
Question

I invested in a small overseas company several years ago. It closed last year after losing every year. I lost everything where do I report this and claim a loss

  • February 23, 2025
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    1 reply

    PatriciaV
    February 25, 2025

    It depends. If you have been reporting this from Schedule K-1 provided by the company, you should indicate in the K- interview that you received a final K-1 (the partnership/S-Corp ended) and that you "disposed" of your interest in the company but not in a sale.

     

    If you have not reported the activity from this investment before, you would enter this as an Investment Sale under Investment Income >> Stocks, Crypto, etc. In this case, you would need to know your basis (purchase cost adjusted for any income/loss) and report zero sales proceeds.

     

    In both cases, TurboTax will calculate the loss from the investment and report that on the appropriate forms.

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