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Deducting interest on a loan used to purchase membership in a passive activity LLC
This Turbo Tax article
says you can use such interest to offset income received from that activity but does not say how to do it. I was able to do an Override to force a value into column (f) Section C of the K-1 worksheet, but it seems that I should not be modifying K-1 values. Also, there does not appear to be a way to "Add Supporting Details" to that entry so I can even say what it is. Does anyone know of a better way to write off this interest?
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‎July 3, 2023
7:52 AM