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Partnership election to Capitalize Taxes and Carrying Charges in ProConnect Tax
by Intuit• Updated 8 months ago
To make the election to capitalize taxes and carrying charges:
- From the Input Return tab, go to Other ⮕ Elections.
- Click on the blue Election in the upper right corner.
- Go to the Other tab on this screen.
- Scroll down to the Election to Capitalize Taxes & Carrying Charges section.
- Check the box labeled Capitalize taxes and carrying charges [266].
- Make any other applicable inputs in this section.
See IRC Regulation 1.266-1 Capitalize Taxes & Carrying Charges Election for more information.