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- Partnership Basis Statement adding interest expense as an increase in basis
Partnership Basis Statement adding interest expense as an increase in basis
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kgalland
Level 4
03-14-2024
04:25 PM
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Proseries 1065 K-1 is adding the business interest expense as a positive (increase) on Line 4n to basis but showing the interest as a loss carryover item on Line 15q. The current year ordinary income is positive after the interest deduction. The client is a small business taxpayer and not subject to 163(j). This doesn't seem correct but it affects the taxable gain on excess distributions. I saw a post for an earlier year with this issue in Lacerte but it is no longer viewable. Has it still not been corrected?
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joshharmeningcp
Level 2
04-07-2024
12:31 PM
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I am wondering the same. Any responses would be appreciated.
