Let's expand on your issues:
- Since the LLC is a pass-through entity, make sure you start tracking your tax basis in this investment. This starts with your purchase price and will be adjusted every year for the applicable items on your K-1.
- There is nothing else for TT to track related to the purchase.
- Each year you will enter the details from the applicable lines on the K-1 into TT.
- If you materially participate in the business, then as you go through the K-1 input questions, there should be a section on "not so common expenses" or something along those lines.
- Once expanded there should be a place to enter the interest expense related to this purchase
- This interest expense will then be reflected as a deduction on a separate line on your 1040 Schedule E titled "business interest".
- If you do not materially participate, then this interest expense is included in your other passive activity line items on the K-1.
*A reminder that posts in a forum such as this do not constitute tax advice.
Also keep in mind the date of replies, as tax law changes.
