I'm trying to finish up our taxes for 2007. My husband and his partner ended their 10 year partnership last year and my husband's Schedule K has an ending capital amount of $47,000 which he will never recoup. How do I take the loss on our tax return and what form do I use (I'm using Turbo Tax) and is it a one time loss or long term? Thank you.

It IS a business loss which can be claimed in 2007 on Schedule E.

I cannot say exactly HOW to claim it without looking at all of the tax-related records, past tax returns and the Schedule K.

You should NOT be trying to prepare this return yourself; the chances of making a mistake that will trigger an audit are TOO GREAT.

Get professional help, either from a CPA or an enrolled agent.