We have a limited partnership (a land investment that is NOT public), and the land was sold in 2021, so we received a distribution check, the partnership ended, and we received a final K-1. There is a page of Footnotes after the K-1, and one of them is titled Section 163(J) - Interest Expense Limitation
There are a lot of words and a few numbers in this section.
They list the "annual gross receipts for the 3 tax years preceding the current tax year" - so there are amounts listed for 2018, 2019, and 2020.
It says to "Please multiply the gross receipts above by your ownership interest in the partnership for each year to determine your share of annual gross receipts from this business activity. The Section 163(J) rules are complex...."
Do I need to do something with the numbers in this footnote, and is there a form in TT that I need to fill out to do this?
