Discussion:Where to put mortgage expenses on 1065?

From TaxAlmanac, A Free Online Resource for Tax Professionals
Note: You are using this website at your own risk, subject to our Disclaimer and Website Use and Contribution Terms.

From TaxAlmanac

(Difference between revisions)
Jump to: navigation, search
Revision as of 13:01, 25 March 2008
RoyDaleOne (Talk | contribs)
(Well, in my way)
← Previous diff		 Revision as of 13:07, 25 March 2008
DerekCPA (Talk | contribs)
(I'm with Roy. Al)
Next diff →
Line 11: Line 11:
{{ForumReplyPost|UserID=RoyDaleOne|Date=25 March 2008|Text=Well, in my way of thinking most mortgage expenses would be amortized over the term of the loan.}} {{ForumReplyPost|UserID=RoyDaleOne|Date=25 March 2008|Text=Well, in my way of thinking most mortgage expenses would be amortized over the term of the loan.}}
 +
 +{{ForumReplyPost|UserID=DerekCPA|Date=25 March 2008|Text=I'm with Roy. Also we don't have enough facts to answer the question. One would have to know what the building is used for , what is the partnerships business, etc. etc. }}

Revision as of 13:07, 25 March 2008

Discussion Forum Index --> Basic Tax Questions --> Where to put mortgage expenses on 1065?
Discussion Forum Index --> Tax Questions --> Where to put mortgage expenses on 1065?

Tx-learner (talk|edits) said:

25 March 2008
It way passed midnight... my eyes are so tired, my brain is dry, and I can't find where to put mortgage expenses on a partnership return. Can someone tell me what line# on page 1 of 1065? I know it is not RENT (line 13), because the building is owned by partners.

Thanks so much!

TheTinCook (talk|edits) said:

25 March 2008
It depends on what the mortgaged property was used for. You get to decide between line 15, Form 8825, and line 3c of Sch K.

Puru (talk|edits) said:

25 March 2008
Since mortgage expenses related to building is owned by one of the partner.Therefore it will be reported on Schedule K as other deduction.

RoyDaleOne (talk|edits) said:

25 March 2008
Well, in my way of thinking most mortgage expenses would be amortized over the term of the loan.

DerekCPA (talk|edits) said:

25 March 2008
I'm with Roy. Also we don't have enough facts to answer the question. One would have to know what the building is used for , what is the partnerships business, etc. etc.
Retrieved from "http://www.taxalmanac.org/index.php/Discussion:Where_to_put_mortgage_expenses_on_1065%3F"