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    #16
    I still can't seem to be at peace with this. What about when an LLC member goes in debt in his name to buy an asset used by the LLC--in that case the interest is deductible, right? Sometimes members must put assets like vehicles in there name to get financed, but if they're for the LLC and used 100% by the LLC, the assets are not depreciable? Doesn't the IRS allow for that?

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      #17
      Sch E UPE or have an accountable expense plan.

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        #18
        Please forgive me! I'm always second guessing myself! When the previous preparer deducted fuel, auto and truck expenses and insurance on the 1065 on those vehicles not owned by the LLC---that should not have been done right? If it is in the partnership agreement that the partner pays the vehicle expenses, it goes on the E as UPE. Accountable reimbursement plan is also an option, but not for 2014 for these TP's. Is my understanding correct?

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