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10/13/09 8:59am PDT
Viewed by asker 10/14/09 1:21pm PDT

Investment Interest Expense for business that has dissolved

ProSeries : 2008

taxpayer is paying interest on bank note related to investment in llc which is now out of business and final returns were filed 2 years ago. Is the interest expense still classified as investment interest expense? Was active in the biz b4 it closed

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Accountant Community AllStar

Accountant Community AllStar

10/13/09 9:22am PDT

The solution

Wasn't investment interest expense even then. Should have been Sch E pg 2 interest.

It retains its character even after the business is gone, and remains on Sch E pg 2.

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10/13/09 10:30am PDT

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line 28 (h) even though there is no K-1?

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