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March 24, 2024
Question

Where to report Business loan interest paid for investment in partnership

  • March 24, 2024
  • 1 reply
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Where do I enter interest expense for a loan I took out to invest in a partnership?  

1 reply

March 25, 2024

That would be Investment Interest.  If you have investment interest expense, you can deduct it up to the amount of your net investment income.  You must itemize your deductions on Schedule A.  To enter in TurboTax:

 

  • Go to "Deductions & Credits"
  • Scroll down to "Retirement and Investments" and click on the down arrow to expand
  • Locate "Investment Interest Expenses" and click on Start
  • Indicate Yes 
  • Enter a description and the amount of your Investment Interest Expense
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