JLCPS156
Level 1
01-11-2021
02:26 PM
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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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George4Tacks
Level 15
01-11-2021
02:44 PM
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Does 56% really belong to the rental? Or is it Schedule A, investment interest to purchase equity in partnership?
Here's wishing you many Happy Returns
JLCPS156
Level 1
01-11-2021
02:47 PM
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The investment interest belongs with the LLC partnership and reportable on pg 2 of schedule E.
sjrcpa
Level 15
01-11-2021
03:01 PM
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In screen 20 there is a place to enter Investment Interest Schedule E under Line 13 -Other Deductions.
Ex-AllStar
