LLC capital account and basis

tager1 · 04-18-2011, 12:35 AM

I am a limited partner in a LLC which went into receivership and liquidated. I need to write off my investment but the K1 instructions indicate the capital account and my basis are not the same. How do I determine my basis for tax purposes. I invested $10,000.00 in 2006. The LLC was liquidated in 2010 and I received no proceeds. The 2010 final K1 ending capital account is $945.00. What is my basis?

gtalbott · 06-22-2011, 04:20 PM

Did you deduct any losses on your 1040 for the LLC since 2006?

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