Section 163(j) and Form 8990
The Tax Cuts and Jobs Act amended Section 163(j). It limits the deduction for business interest expense for certain taxpayers in tax years beginning after 2017. Form 8990 calculates the amount of business interest expense you can deduct and the amount you can carry to the next year. Certain trades or businesses are exempt from filing Form 8990. The follow provides information on how UltraTax CS calculates Form 8990 under Section 163(j).
