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Jonathan Tierney
Jonathan Tierney, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 307
Experience:  Tax Accountant at Praxair, Inc.
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We are in a partnership with 3 other couples and are filing

Customer Question

We are in a partnership with 3 other couples and are filing a K-1 form for each member of the partnership. Can we file for expenses we incurred that the partnership did not reimburse us for? If so, what form do we use to file for those expenses?
Thank you!!!
Submitted: 6 months ago.
Category: Tax
Expert:  Jonathan Tierney replied 6 months ago.
Hi, my name is ***** ***** I can help. You can deduct unreimbursed expenses of being a partner in a partnership. However, the form used depends on the type of expense you are deducting. For example, if the expense was for investment subscriptions the expense would go on Schedule A with the miscellaneous deduction subject to the 2% of AGI floor. Another example that I see a lot are lawyers with additional partnership expenses with are reported on Schedule E, line 28. What are your expenses for?
Customer: replied 6 months ago.
I am sorry I didn't get back to you sooner, I was not available yesterday. The partnership built a house on the coast which we rent out when we are not using it. The expenses are for part of the furnishings that the partnership didn't have the money to cover. Also, some of the expenses are for traveling down to the coast, lodging and meals while working on the house. We actually did the whole inside of the house over a six month period.
Expert:  Jonathan Tierney replied 6 months ago.
You can deduct those expenses, though the furniture would have to be depreciated, generally over seven years.