taxiowa
Level 9
Level 9
You do nothing with it in the current year.  Partner will carry it forward to future on a worksheet or sticky note.  Partner will deduct as business interest expense in succeeding year that same p'ship allocates excess taxable income or excess business interest.  So you do not report it at all in your case, because excess business expense is calculated on for 8990 at the p'ship level.
0 Cheers