So I find the K-1 portion guidance in TurboTax to be very lacking. I have not been able to figure out how to enter Box 11 (B) of my K-1. It is broken down into two line items:
Interest portion of excess deductions on termination (this is from the sale of a property)
Taxes portion of excess deductions on termination (also from the property)
This is also referred to on the statement as Investment property taxes portion of taxes
From what I can gather, for the interest portion we are supposed to go to the Deductions and Credits tab and then the Your Home section and then Mortgage Interest, Points, Refinancing and Insurance. This is where I see the mortgage lender for my primary home. So does this mean I have to add an additional "mortgage lender" and just call it the name of the trust and enter the amount there?
For the Taxes portion should I go to the Your Home section and then Property Taxes and enter the amount in the Taxes on additional homes or land box? (That ends up on line 2c of the Schedule A Tax and Interest Deduction worksheet).
Any assistance would be greatly appreciated!
