My wife was in an investment club for 7 years and finally decided to get out of it so there are 7 K-1's for previous years (if we can find all of them.). We know how much total she put in the club from her records in Quicken and also how much she paid toward miscellaneous expenses of the club which I presume are deductible. What she put in to the club is more than she got out at the end (not including the miscellaneous contributions). I've been unable to find out how to handle this on the tax form. Do we go back to the previous K-1's and add up all the losses (minus profits) previously claim and then subtract these from her total losses (what she paid into the club and what she got back.)?I have been unable to find out how to handle this. I've heard you have to go back and recalculate everything but don't know quite what that means. Is there something that explains how to do this in simple English?brucedoe
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