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. 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.
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