Announcement

Collapse
No announcement yet.

K1

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

    K1

    I have a new client that has brought me their 2004 return to do(don't you just love them). Included is a K1 2 partners. The other partner filed the 1065. My client has expenses that were not reflected or calculated into the K1 or 1065. Where should these expenses be reported on his return? I say SCH E.

    #2
    P-ship Agreement

    Unreimbursed P-ship expenses can only be taken if it is written up in the partnership agreement as such. If so, then yes the expenses are taken on schedule E. If not I think Schedule A subject to the 2% AGI.
    http://www.viagrabelgiquefr.com/

    Comment


      #3
      Unreimbursed Part Exp

      Agree with above. Taken on Schedule E, Part 2 ..........It's in The Tax Book

      Comment


        #4
        Unreimbursed Part Ext

        Just checked...........Read page 20-5 of Tax Book

        Comment


          #5
          I appreciate all your input. I ordered my taxbook today, received a flier in the mail then started reading the forum. This is a great resource to have. In 2002 and 2003 they have split these expenses between SCH A and C. Guess I'll amend those years. Once again thank you.

          Comment


            #6
            UPE or Sch-A

            I agree with Jesse. 1040 Sch-E, UPE deduction is only for expenses specifically required to be paid by the partnership agreement.

            Originally posted by 2004 Instructions for 1040 Sch-E, page 6
            Unreimbursed Partnership
            Expenses

            You can deduct unreimbursed ordinary
            and necessary partnership expenses
            you paid on behalf of the partnership on
            Schedule E if you were required to pay
            these expenses under the partnership
            agreement (except amounts deductible only as
            itemized deductions, which you must enter
            on Schedule A)

            Comment


              #7
              K1

              I have found after speaking with the other partner that not all things have been done correctly. I now have another new client with a can of worms. Your responses are reassureing to what I already knew, it's always nice to have that.

              Comment

              Working...
              X