Form 8825 Interest Expense and K-1Box 20

Forum|Forum|3 years ago
February 25, 2023
1 reply
0 views

We have entered the interest amount for our business loan on Form 8825 Line 9. In prior years, our accountant did the same. However, Turbo Tax is recording (a proportionate amount for each partner) on the K-1 in box 20 under other information and our prior k-1 does not show any amount. Does anyone know what I may need to do to not have the k-1 show this? If the amount remains on the k-1 does it have any impact for the partners when they file their individual tax returns? Thank you in advance

TurboTax Business Windows

PatriciaV

Employee

Yes, reporting interest expense for Rental Properties on Schedule K-1 Box 20 is correct.

Interest expense flowing to partners may affect their allowable interest deduction, which is why there is additional information included about the source of the interest expense.

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"