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deduct loan interest paid to purchase a partnership interest
My individual client took out a personal loan to purchase a partnership interest. Is the loan interest deductible to him in any way on his 1040?
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Yes, he took out a personal bank loan to buy into a medical practice, which is an LLC taxed as a partnership. Would that loan and the related interest expense still considered to be investment?
Is he a working doctor in the practice? If yes, then UPE.
If no, then F4952
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