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Get your taxes done using TurboTax
This interest is specific to personal debt I obtained to buy into a passive partnership LLC, where I receive a Schedule K as well as I do not materially participate. In the step-by-step instructions for S-Corporations there is a checkbox for personal debt interest, but when I go through the steps for the LLC input, the checkbox never appears. Based on my interpretation, I believe I can offset that passive interest paid against the passive income earned.
‎August 12, 2023
5:46 AM