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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View Lacerte Hot Topics.
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View Lacerte Hot Topics.
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- 8829 and mortgage interest limitation
8829 and mortgage interest limitation
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3pza2
Level 1
04-10-2024
12:32 PM
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Client with schedule C has mortgage interest principle of 780k.
When I allocate % of interest in 8829, the remaining flows in schedule A.
So technically Sch A has correct amount up to 750k, the rest is in 8829,
but overall combined Sch A + 8829 has 780k.
Is there a 750k excess limitation rule for 8829? Or is it just for schedule A?
1 Comment 1
TaxGuyBill
Level 15
04-10-2024
04:11 PM
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Just Schedule A.
