Client took $75k out of his personal residence LOC to purchase part of a business (Sub S). How do I make the 10-T election in Proseries so he can deduct the interest?
Client took $75k out of his personal residence LOC to purchase part of a business (Sub S). How do I make the 10-T election in Proseries so he can deduct the interest?
My recall is that a 10 T election should be filed with the first return that the allocation is made. Your description tells me you want to deduct the interest as "investment interest", which has some additional limitations. I just kept a note as to how I did the allocation to remind me each year of what I did last year.
My recall is that a 10 T election should be filed with the first return that the allocation is made. Your description tells me you want to deduct the interest as "investment interest", which has some additional limitations. I just kept a note as to how I did the allocation to remind me each year of what I did last year.
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