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How do you record a business interest deduction on Schedule E?

The instructions for line 28, schedule E are specific, but the only way I could put this on the Turbo tax Schedule E form was to "override", so now your Analysis is telling me this should not be overridden and changed for Electronic Filing.  How do I fix this?  See the IRS instructions attached.

  

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How do you record a business interest deduction on Schedule E?

That line on the Schedule E is for Partnerships or Corporations which would come from entering K1 information. If you paid interest on a rental and want to deduct it as an expense, this is how to do it:

  • Rental
  • Rental & Royalty Summary...edit your rental
  • Expenses
  • After Mortgage interest is the page "Any Other interest Paid?"
  • This will be on Schedule E Part I line 13

If you have other questions about this, ask in the comment section below.

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Highlighted
New Member

How do you record a business interest deduction on Schedule E?

That line on the Schedule E is for Partnerships or Corporations which would come from entering K1 information. If you paid interest on a rental and want to deduct it as an expense, this is how to do it:

  • Rental
  • Rental & Royalty Summary...edit your rental
  • Expenses
  • After Mortgage interest is the page "Any Other interest Paid?"
  • This will be on Schedule E Part I line 13

If you have other questions about this, ask in the comment section below.

View solution in original post

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