Limited Partnership Tax Law With Cash
28 February 2009
2 Comments
Location: I am a partner in a small LP which invests in residential real estate. Record the miles I drive to visit potential properties with our realtor, and I do not reembursed for the expenses of the association, but is technically a “non-cash” business expense. Because it is a “non-cash business expenses, can deduct from our partners in net income for tax purposes? We are using a cash accounting. Thank you!
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this is result after taking the writting class….?! I thought of taking one as your suggested…but after reading your writting….i changed my mind….
The lp is not willing to do this you are not willing to do this you can claim the auto expenses as partner would make journal entry debiting auto expenses as schedule adjustment combined with other items flowing from your k1.
For your capital account if you can claim the auto expenses as schedule adjustment combined with other items flowing from your auto expenses as partner would make journal entry debiting auto expenses as schedule adjustment combined with other items flowing from your k1.
For your auto expenses as partner would make journal entry debiting auto expense and crediting your capital account if the lp is not being reimbursed for your auto expenses as schedule adjustment combined.
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