Instructions for IRS Form 8990 Limitation on Business Interest Expense Under Section 163(J)

This document contains official instructions for IRS Form 8990 , Limitation on Business Interest Expense Under Section 163(J) - a tax form released and collected by the Internal Revenue Service (IRS), a subdivision of the U.S. Department of the Treasury.

FAQ

Q: What is IRS Form 8990?A: IRS Form 8990 is used to calculate and report the limitation on business interest expense under Section 163(J).

Q: Who needs to file IRS Form 8990?A: Taxpayers who have business interest expense and are subject to the limitation under Section 163(J) need to file IRS Form 8990.

Q: What is the limitation on business interest expense under Section 163(J)?A: The limitation is the amount of business interest expense that can be deducted in a given tax year, based on certain rules and calculations.

Q: What information do I need to complete IRS Form 8990?A: You will need information about your business interest expense, taxable income, and certain other factors to complete IRS Form 8990.

Q: Is there a deadline for filing IRS Form 8990?A: Yes, IRS Form 8990 must be filed with your annual tax return by the applicable deadline, which is usually April 15th.

Q: Are there any penalties for not filing IRS Form 8990?A: Yes, there can be penalties for failing to file IRS Form 8990 or for inaccurately reporting business interest expense.

Q: Can I e-file IRS Form 8990?A: Yes, you can e-file IRS Form 8990 along with your tax return using the IRS's electronic filing system.