Flow of information from From 8990
Hello @Mike9241 thanks for your help.
Let say my current cost basis of K1 partnership is $10000
Now I got this Excess Business Interest Expense $1000
Change is Cost basis due to = Purchase price - Cumulative adj to basis + gain subject to recapture for sales data of k1 + Excess Business Interest expense = new cost basis
Is my assumption correct?
If I mail my tax return along with form 8990, how would IRS know where this $1000 or Excess business interest expense go?
All other info has pre defined route, first to forms then to certain schedules then eventually to 1040.
