@Smarc
In 2019, a 1065 K1 for an LLC that owned an apartment complex provided excess business interest. I used 8990 in 2019 to carry it forward. In 2020, the partnership sold the property it owned, and on the final K1, it reported adequate excess taxable income for the previous excess business interest to now be deductible. Form 8990 was used in 2020 to confirm that.
Now that I'm allowed to deduct the business interest at the partner level, I cannot find anything that tells me on what form or schedule to actually deduct the business interest that was passed through to me as a limited partner in the prior year.
Thoughts?
