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Barbara Lamar, Tax Lawyer, CPA
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Experience:  JD, MBA University of Texas at Austin, over 18 years representing small businesses
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Deductions Not Claimed on Partnership Return

Customer Question

I have not filed personal returns for tax years 2001, 2002, and 2003. I have not received any contact from the IRS regarding these returns. My income for these years was derived from a partnership that I am no longer part of. Forms 1065 have already been filed with the IRS for these years. I just realized that I have about 15,000 miles per year on my vehicle that I was never reimbursed for plus various other expenses relating to entertainment and supplies. I have no way to ammend the partnership returns due to several factors. Is there any legitimate way that I can claim these deductions the way a sole proprietor can claim on Schedule C? Please advise.
Submitted: 11 years ago.
Category: Tax
Expert:  Jon Andrews replied 11 years ago.

Unreimbursed expenses paid by a partner can be deducted on Schedule E as a separate line item under "partnerships".


For example, ABC partnership income $30,000, on next line down "unreimbursed partnership expenses" ($5,000), net income $25,000. You should detail the expenses on a separate schedule attached to the return.


If you need further information or assistance, please let me know.


[email protected]


 

Jon Andrews, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 3118
Experience: I deal with all levels of tax planning and controversy - from the ordinary to the complex.
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Expert:  Barbara Lamar replied 11 years ago.
You cannot deduct unreimbursed partnership expenses on Schedule C, but if you were required to pay them under the terms of the Partnership Agreement, you can deduct them on Schedule E, on the same page where you report income from the partnership's K-1.
Barbara Lamar, Tax Lawyer, CPA
Category: Tax
Satisfied Customers: 188
Experience: JD, MBA University of Texas at Austin, over 18 years representing small businesses
Barbara Lamar and other Tax Specialists are ready to help you

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