Twilight Zone

[Cathy]

Any minute I expect the Twilight Zone theme song to start blaring from my radio that's not turned on!!

Just found another new present we were left with this year.  Form 8990...instructions are only 11 pages long.  This form is used in order to find out how much of the business interest expense that can be used as a deduction on Schedule E.   800 returns?  Nah, no way!

 

[Abby Normal]

Small business taxpayer.  A small
business taxpayer is not subject to the
section 163(j) limitation and is generally
not required to file Form 8990.
A small business taxpayer is a taxpayer
that is not a tax shelter (as defined in
section 448(d)(3)) and has average
annual gross receipts of $25 million or less
for the 3 prior tax years under the gross
receipts test of section 448(c).
A pass-through entity that is a small
business taxpayer does not allocate
excess taxable income, excess business
interest income, or excess business
interest to its owners.
 

[grandmabee]

I know another ATX glitch.  You have to keep deleting the form so it doesn't limit the business interest deduction.