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nancywho
Returning Member

Form 8990 specific line questions

I have spent literally hours pouring over every post filling out the 8990.  My remaining questions:

 

Question #1:  Section 1, part 1, line 1 "current year business interest expense": please confirm this is the same as K-1's line 20 code N "business interest expense"

 

Question #2: Line 6 Tentative taxable income is my own personal adjusted gross income from 1040?

 

Question #3:  Line 30 total current year business interest expense deduction = $1000 for my example 

Line 31 disallowed = 0

 

So now where does $1000 go in the main tax form?  

I read it could go in Schedule E, line 28, column h but I can't free text into the box.  

Another person said it can go in Schedule A line 9.  

Which is true?  This is a real estate fund.  Where in easy step or forms can I input this?

 

Question #4: If I am just a partner, do I need to fill out form 8990 part II?  

 

Thanks in advance for helping!

 

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1 Reply
RobertB4444
Employee Tax Expert

Form 8990 specific line questions

1. That is correct.

2. Schedule A.  If you can't itemize then it is not a deduction for the year.

3. No, the partnership does that.

 

@nancywho 

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