Question
K-1 Interest expense allocated to debt-financed distributions
Limited partner client fully invested debt-financed distributions and can thus deduct associated interest expense (K-1 box 13, code AC) as investment interest on Sch. A (via Form 4952, if required). I'm probably missing something, but when entering the K-1 information including the noted box 13 interest, it doesn't flow through to the F4952 or directly to the Sch. A. Does this need to be entered manually on the Schedule A (or Form 4952, if required)? Thank you!
