I split the losing rental and 3 acres as rental activity and allocated the interest to the rental bases on that split and the balance I called investment interest. RE taxes were of no concern this year, but next year I would like to split that also under the assumption that real estate taxes on investment property is also deductable by the partners. Where on the 1065 do you put real estate taxes on investment property???? I do not want to call real estate taxes as an investment expense subject to the 2%. It should be above the line. Have it be the only entry on page 1 1065-ordinary and necessary. Or is there a line on the 1065 Schedule K other expenses not subject to the 2%. What partner would know were to put it on his 1040..............
Is this tax season too short or too long????????????? I think both...
Is this tax season too short or too long????????????? I think both...