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J
JLCPS156
Level 2
January 11, 2021
Question

1040 investment interest

  • January 11, 2021
  • 1 reply
  • 16 views

Taxpayer has rental properties and partnership to flip houses. 

Rental B was refinanced in 2017 to take $100k equity and purchase Bldg A in partnership.   Mortgage interest for year was $10,000.  44%  belongs to partnership, 56% to rental property.  What screen do I allocate this or manually enter the business interest for schedule E pg 2.

 

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1 reply

George4Tacks
George4Tacks
Level 15
January 11, 2021

Does 56% really belong to the rental? Or is it Schedule A, investment interest to purchase equity in partnership?

Answers are easy. Questions are hard!
    J
    JLCPS156Author
    Level 2
    January 11, 2021

    The investment interest belongs with the LLC partnership and reportable on pg 2 of schedule E.  

    sjrcpa
    sjrcpa
    Level 15
    January 11, 2021

    In screen 20 there is a place to enter Investment Interest Schedule E under Line 13 -Other Deductions.

    The more I know the more I don’t know.
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