Form 8990-2025

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Form 8990 is a tax form used by taxpayers to compute allowable business interest expense under Section 163(j) of the Internal Revenue Code. It includes sections for calculating current year business interest expenses, adjusted taxable income, and limitations on deductions. The form also provides specific instructions for partnerships and S corporations regarding excess business interest items.

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Versions	Form popularity	Fillable & printable
2022	4.9 Satisfied (54 Votes)
2020	4.8 Satisfied (62 Votes)
2019	4.4 Satisfied (145 Votes)

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Who is required to file a form 8990?

A taxpayer (including, for example, an individual, corporation, partnership, S corporation) with business interest expense; a disallowed business interest expense carryforward; or current year or prior year excess business interest expense must generally file Form 8990, unless an exclusion from filing applies.

Who is subject to business interest limitation?

Only business interest expense is subject to the section 163(j) limitation. For purposes of the section 163(j) limitation only, business interest expense refers to interest expense properly allocable to trades or businesses that are not excepted trades or businesses.

How to prepare form 8990?

How To Complete Form 8990: A Step-by-Step Guide and Instructions Step 1: Obtain the form. Step 2: Review the instructions. Step 3: Gather required information. Step 4: Identify the partnership. Step 5: Complete Part I - Section 108(b) basis difference. Step 6: Complete Part II - Tentative Schedule B basis adjustments.

What qualifies as a business interest expense?

This includes interest on debt a business incurs to fund ongoing operations; purchase equipment, property, inventory, or raw materials; or finance business expansions.

Who must file form 8991?

Any corporation, other than a RIC, a REIT, or an S corporation, that has (or is a member of an aggregate group that has) annual gross receipts of at least $500 million in 1 or more of the 3 preceding tax years ending with the preceding tax year must file Form 8991.