Discussion:Line of credit and partnership basis

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Revision as of 02:44, 13 April 2007

Discussion Forum Index --> Tax Questions --> Line of credit and partnership basis

MsTwizz (talk|edits) said:

13 April 2007
Hello Everybody,

After searching the forum, I am not satisfied yet, but I think I know that answer......

A partnership took out a Line of Credit. They are husband and wife partners. The question is....is the partnership basis increased by the full line amount even though some of it is not being used? I would think I would use the total line of credit given. Is this a stupid question? I apologize if it is. :o) Thank you,

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