bkay
Level 1
07-15-2020
12:56 PM
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A LLC taxpayer received a K-1 from an outside LLC with excess business interest expense (Line 13 item K). On the NY K-1 from the outside LLC the excess business interest expense was reported as both a Federal and NY Other Deduction on page 2 line 13 of the NY K-1. This appears correct as NY does not recognize most of the TCJA but does not provide a code for reporting this as a modification subtraction on lines 22 of the NY K-1.
How do I get the pass-through excess business interest expense to be reported as both a Federal and NY Other Deduction on page 2 line 13 of the taxpayer's NY K-1?
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