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