wrightlj
Level 3
10-20-2022
01:07 PM
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My client is designated as one of two General Partners in a partnership. His 1065 K-1 for 2021, Line 13, Code H shows a large Investment Interest Expense amount.
Can he deduct this interest on Schedule C instead of Schedule A? Is the General Partner designation sufficient to justify that?
If deducted on Schedule C, there would be a significant tax savings over Schedule A, both federal and state.
Thank you!
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