Open TurboTax

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Announcements
Still need to file? Our experts can get your taxes done right. Get started >
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

cancel
Showing results for 
Search instead for 
Did you mean: 
attykss1
Level 3

how to file out form 8990 to report excess business interest expense from a pass through entity

I am a limited member in an LLC that is subject to section 163j.  The LLC filed a form 8990 and reported excess business interest expense on my K1 in box 13.  I have income from other commercial real estate LLCs, but none of the K1s for those pass through entities report any business interest income or business interest expense.

 

Do I need to complete lines 11, 12 & 19 of Form 8990 in calculating my ATI on line

22?  

2 Replies
Mike9241
Level 15

how to file out form 8990 to report excess business interest expense from a pass through entity

the real estate k-1's likely elected out of the provisions of 163(j), so they can be ignored

A real property trade or business (as defined in section 469(c)(7)) may elect out of the section 163(j) limitation. Real property trade or business means any real property development, redevelopment, construction, reconstruction, acquisition, conversion, rental, operation, management, leasing, or brokerage trade or business.
Turbotax does not handle the 8990 so it would have to be completed manually and your return mailed in.

 

attykss1
Level 3

how to file out form 8990 to report excess business interest expense from a pass through entity

None of my real estate LLCs opted out of section 163j.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
message box icon

Ready to start your taxes?

Hand off your taxes, get expert help, or do it yourself.

See Pricing
Manage cookies
v
ABCDEFGHIJKLMNOPQRSTUVWXYZabcdefghijklmnopqrstuvwxyz0123456789-_~