PatriciaV
Expert Alumni

Business & farm

According to the instructions for filling out Form 8990 Limitation on Business Interest Expense listed here, the amount that would go into this box is the average of the prior three years annual Gross Receipts. To determine the entry, it states you must:

  1. Add the gross receipts for the 3 prior tax years, and
  2. Divide the total by 3.

@archmail 

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