I'm entering the K-1 for an estate inheritance, and it has 2 fields with values, 11A and 11B.
The first is straight-forward, and includes fiduciary and attorney's fees, and it entered directly.
The 11B field, however is more confusing. It consists of a small amount of "Real Estate Taxes" and a larger amount of "Other Interest Expense." The instructions say to search on the topic, and update the information there. Easily done with the RE taxes.
I don't know what the other item, Other Interest Expense means, nor where to include it. I've read the instructions for K-1 and they have not been much assistance. Any help appreciated.
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I appreciate your post and I had actually seen that previous answer. The value in 11B is for mortgage interest, but it is still not clear to me how to enter this without it being for my own home, a financial institution I have a 1098 from, or any further information.
I can guess and fudge, but I am not clear as to what I'm doing. I've entered as much as I can with the K-1 and am now just trying to see where to enter the mortgage interest.
You might not be able to use that expense anyway.
There are rules for mortgage interest deductions and the one on your K-1 may not qualify. I suggest you get in touch with the executor (or whoever prepared the 1041) for clarification.
[you should actually have received a separate statement detailing the items listed on your K-1]
Well, that's disappointing, it's a fiduciary, and every contact costs me. The statement merely says what the items are, e.g. real estate taxes and other interest expense. I expect their response will be for me to contact my tax preparer... who is me.
Thanks for the post.
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