Announcement

Collapse
No announcement yet.

Limited Partner's Expenses

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

    Limited Partner's Expenses

    If a limited partner incurs expenses on behalf of the partnership and they are not reimbursed by the partnership, can the expenses be deducted on the Schedule A subject to the 2% AGI limitation?

    #2
    Upe

    These are Unreimbursed Partner Expenses that can be deducted on Schedule E. Put them on a separate line with UPE after the partnership name.
    I would put a favorite quote in here, but it would get me banned from the board.

    Comment


      #3
      I tried that but the stupid software won't let me make the entry, I suppose because the partner is limited.

      I wish I could just force it through. Anyone have any experience with this on Drake?

      Comment


        #4
        It should be noted that the partnership agreement must require that partners incurring expenses on behalf of the partnership do so at their own expense and will not be reimbursed.

        Comment


          #5
          deduct the expenses on the 1065,

          and increase the partner's capital account by the amount of the expenses paid on behalf of the partnership.

          Couldn't this be done?

          JoshInNC

          Comment

          Working...
          X