IRS Form: Form 8990 Instructions on Business Interest Expense Deduction (IRC §163)

Instructions to Form 8990, Limitation on Business Interest Expense Under Section 163(j), released January 3 to reflect significant changes to the deductibility of business interest after the 2017 tax act, Pub. L. No. 115-97. Form 8990 is used to figure the amount of deductible business interest expense and the amount carried forward to the next year. Part I of the form is completed by all taxpayers subject to tax code Section 163(j). Schedule A and Schedule B need to be completed before Part I when the taxpayer is a partner or shareholder of a pass-through ...