jbnickel
Level 1
12-07-2019
08:40 AM
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Excess business interest expense on Line 13K of partnership K-1 - WHERE DO I DEDUCT? INSTRUCTIONS TELL ME ITS NOT PROVIDED IN PROGRAM AND THAT I HAVE TO MANUALLY ENTER ON PROPER FORM.
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abctax55
Level 15
12-07-2019
08:40 AM
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The proper form is F 8990.
I'm not sure PS supports it though, based on the following threads
HumanKind... Be Both
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abctax55
Level 15
12-07-2019
08:40 AM
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The proper form is F 8990.
I'm not sure PS supports it though, based on the following threads
HumanKind... Be Both
jbnickel
Level 1
12-07-2019
08:40 AM
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That is not where the deduction is taken. That form is used to compute the deductible amount of the excess. The expense is a separately stated item on the K-1 and must be entered manually. So my question is what form to take the deduction? Without further guidance, I'm going to report on Sch E, page 2, along with the other K-1 pass thru income.