K1 for a business that I purchased
Budget: $15 – $25 USD
I normally do my taxes on Turbo tax because they are usually simple.
Last year however I went into a business arrangement with another individual that has cost me the loss of my $50,000 investment and I need to show this as a capital loss. I was advised that I need a K1 to show this.
I spent quite a while on the phone with a Turbo Tax CPA they don't have the capability to do this.
I have the contracts and all proof showing the company and investment that was made.
Last year however I went into a business arrangement with another individual that has cost me the loss of my $50,000 investment and I need to show this as a capital loss. I was advised that I need a K1 to show this.
I spent quite a while on the phone with a Turbo Tax CPA they don't have the capability to do this.
I have the contracts and all proof showing the company and investment that was made.