I am doing my first partnership return. Client was renting in a strip mall and went out of business. She is still obligated to pay around 40,000 a year rent even though she is not there. I think all of this rent would be deductible on the partnership return. I'm not sure if she should get deprecitaion on her equipment and building though. I'm thinking no becasue they're no longer in serivce. What do you guys and girls think. Thanks for any help.
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It was getting to far down on the list. Any advice. -
First I am confused about your are saying she (only one partner?) paying rent and depreciation on the building.Originally posted by RNuse09 View Post
If only one of the partners is obligated to pay I am not sure if this is still a partnership issue.
What is a rather complex partnership issue is the dissolution of such and how to treat asset distributions to partners upon dissolution. Surely not something that this board can provide.
If you still feel you can handle this you might want to do some heavy reading and come back with specific questions.Comment
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