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.
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K1
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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 6Unreimbursed 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)
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Guest repliedI 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.
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Unreimbursed Part Ext
Just checked...........Read page 20-5 of Tax Book
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Unreimbursed Part Exp
Agree with above. Taken on Schedule E, Part 2 ..........It's in The Tax Book
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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.
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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.Tags: None
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