Welcome back! Ask questions, get answers, and join our large community of tax professionals.
cancel
Showing results for 
Search instead for 
Did you mean: 

1040 investment interest

JLCPS156
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.

 

0 Cheers

This discussion has been locked. No new contributions can be made. You may start a new discussion here

3 Comments 3
George4Tacks
Level 15

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

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

0 Cheers
sjrcpa
Level 15

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


Ex-AllStar