Discussion:What does this 1065 instruction mean?
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Discussion Forum Index --> Tax Questions --> What does this 1065 instruction mean?
| 16 February 2007 | |
| Form 1065 instructions: "portfolio income does not include the following types of income: ... interest income on loans and investments made in the ordinary course of a trade or business of lending money"
Is it instructing me to report interest income received from a mortgage loan on Line 1a of Form 1065, rather than Part 3, Line 5 of Schedule K-1? | |
Michaelstar (talk|edits) said: | 16 February 2007 |
| Portfolio income is from savings accounts, cash deposits and places like that. If you are in the business of lending money than that is one's trade or business and that is not portfolio income. Trade or business income is reported on line 1. Does this make sence? | |
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