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I have a K-1 (1065) with a loss ($-2970) on line 2; Line 5 is $26; Line 20, code A - $26; code N - Sch K-1, Line 2 Business Interest Expense - $1645; and code AG - Gross Receipts from 2023 - $300.
How do I complete a Form 8990? Or do I need to?($-552) on Line 2. All other lines are blank.
There is also a Schedule C with a loss on Line 31 ($-20,558).
There is also a Schedule E for rental real estate properties with a combined of 6 properties with a profit ($7123).
Does the Schedule C and Schedule E have anything to do with Form 8990?
There is no other business interest expense on the return.
The return also has W-2 income.
HELP! Any help would be appreciated as to where to put these amounts on Form 8990. I have been trying to make sense of this.
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