I've been a passive member of an LLC investment since 2010, and for years the company hasn't had any material change in their business. My annual K-1 always has 0 in box 1, and TurboTax has carried forward a passive loss of -$5002 (box 1 -ordinary income) and -$857 (non portfolio long term capital loss).
I would like to write this investment of $5000 off, and need to know exactly how to do this. I'm assuming it will help offset any capital gains, but not sure how to do this in Turbo Tax.
Thank you in advance.