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- Re: PTSP with 8825
PTSP with 8825
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Strongsilence-C
Level 10
02-19-2022
09:31 AM
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Partnership with loan on 2 properties. Interest expense. Form 8825.
Is allocation of the interest expense based on assessed values the best or most reasonable?
The lender might have some document with an allocation of the loan amount but I don't have it.
(Exception to 163(j) applies.)
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1 Comment 1
jeffmcpa2010
Level 11
02-19-2022
09:47 AM
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If they both have income or both have loss regardless of the interest allocation, do what makes sense to you. Then just be consistent from year to year.
If one has loss and one has gain, you want to be sure an outsider would think your method is reasonable, so that you can defend yourself if ever challenged that you are making decisions to better avoid passive loss rules at the partner level.
