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1040 investment interest

Level 1

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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3 Replies 3
Level 15

Does 56% really belong to the rental? Or is it Schedule A, investment interest to purchase equity in partnership?


ex-AllStar
Level 1

The investment interest belongs with the LLC partnership and reportable on pg 2 of schedule E.  

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Level 15

In screen 20 there is a place to enter Investment Interest Schedule E under Line 13 -Other Deductions.


ex-AllStar