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Investment Interest Expense for business that has dissolved
ProSeries: 2008
10/13/09 8:59 AM, Viewed by asker 10/14/09 1:21 PM
Total Views: 57
10/13/09 8:59 AM, Viewed by asker 10/14/09 1:21 PM
Total Views: 57
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
Solved!
All Replies: Answers (2)
Rating + 12
Solved!
10/13/09 9:22 AM
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.
Hey, we get sig files now! Cool - I wonder what I'll put here? Ah, I know: RTFM.
