Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

This answer was rated:

My client and her husband bought a VRBO in Fla. and rent it…

My client and her husband...
My client and her husband bought a VRBO in Fla. and rent it out. They are partners with her cousin and her husband, although not on the deed. They have a partnership as a LLC.The K-1 from their current accountant did nt write off any travel expenses from NY to Fla.Can any travel expenses be written off via the K-1 or on their personal returns?
Show More
Show Less
Ask Your Own Tax Question
Answered in 13 minutes by:
3/21/2018
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 32,660
Experience: Taxes, Immigration, Labor Relations
Verified

That is relatively rate - and woudl be a red flag for the IRS to deduct partner's expenses on the partner's individual tax return.

As a general rule - we should avoid such deductions.

According to schedule E instructions

https://www.irs.gov/pub/irs-pdf/i1040se.pdf

You can deduct unreimbursed ordinary and necessary expenses you paid on behalf of the partnership if you were required to pay these expenses under the partnership agreement

These are reported on line 27

Ask Your Own Tax Question
Customer reply replied 29 days ago
Line 27 of what return?Would these be included on the Sch E?

Line 27 on schedule E.

specific instructions on page 10. - Unreimbursed Partnership Expenses

Ask Your Own Tax Question
Customer reply replied 29 days ago
Could the partnership return be amended to reflect these expenses and file a new K-1?

That would be the best in such situation and will not attract IRS attention.

Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 32,660
Experience: Taxes, Immigration, Labor Relations
Verified
Lev and 87 other Tax Specialists are ready to help you
Ask your own question now
Customer reply replied 29 days ago
thank you Lev.
Was this answer helpful?
Ask Lev Your Own Question
Lev
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 32,660
32,660 Satisfied Customers
Experience: Taxes, Immigration, Labor Relations

Lev is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,338 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,451 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

56 satisfied customers

B.A., M.B.A, J.D.

Robin D.

Robin D.

Senior Tax Advisor 4

15,124 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,655 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

< Previous | Next >

Related Tax Questions
Can unpaid rent be deducted on schedule E or anywhere else?
can unpaid rent be deducted on schedule E or anywhere else? … read more
emc011075
emc011075
Tax advisor and Enrolled Agent
Bachelor\u0027s Degree
2,913 satisfied customers
I am doing a partnership and personal return for a man and
I am doing a partnership and personal return for a man and his father. The man is telling me he and his father have agreed for partnership to go from being about 90% owned by father to 90% owned by hi… read more
PDtax
PDtax
Owner
Master\u0027s Degree
1 satisfied customers
If I'm filing an extension on my tax individual tax return
If I'm filing an extension on my tax individual tax return and don't know my tax liability, payments, balance due, or amount I'm paying for 2017 on the "Part II Individual Income Tax" section - what s… read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,906 satisfied customers
Would I be able to write off the cost of a piece of
Would I be able to write off the cost of a piece of furniture for a home off that I use as a private contractor? I use this home office exclusively for stock trading and as a medical provider to do pa… read more
Lev
Lev
Tax Advisor
32,660 satisfied customers
For 1040 schedule E, if the flooring (carpet, or hardwood)
For 1040 schedule E, if the flooring (carpet, or hardwood) get damaged and replaced, can the cost be considered as “Repair” on Line 14? Or something else?… read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,906 satisfied customers
If I am converting an LLC taxed as a partnership to be taxed
Quick question. If I am converting an LLC taxed as a partnership to be taxed as an s corp, would the 1065 for the year prior to the switch be considered a final even though I will be using same ein fo… read more
Lev
Lev
Tax Advisor
32,660 satisfied customers
Are there any changes on 2017 Forms 4562 and Schedule E (for
are there any changes on 2017 Forms 4562 and Schedule E (for rental property) over previous year 2016? What about Schedule A?… read more
Lev
Lev
Tax Advisor
32,660 satisfied customers
I am a server with no dependents, no home write-offs and
I am a server with no dependents, no home write-offs and currently am a server by trade in the hospitality industry. I am REQUIRED to "tip out 3% of my nightly sales," in order to work there...a job requirement. I have saved all of my nightly reports, can I write off the "tip outs?" ( It comes to roughly $6500 for last year alone) If so, do I itemize the reports since I also purchased a car last year and have a significant tax write-off for that? … read more
Lev
Lev
Tax Advisor
32,660 satisfied customers
Can airfare be deducted for a schedule e rental property if
Can airfare be deducted for a schedule e rental property if it was to go and perform maintenance on the property? If so where on schedule e should it be deducted?… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
45 satisfied customers
My 16 Schedule E's are not showing up on my tax return,
My 16 Schedule E's are not showing up on my tax return, therefore, my return is not correct. I need help BAD. … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,124 satisfied customers
Is gambling a tax write off/ deductible in 2018. Also how
Is gambling a tax write off/ deductible in 2018. Also how much of a tax break will I see with a 40,000 per year salary. Can someone do the math crunch some numbers and let me know pretty close to what… read more
taxmanrog
taxmanrog
Master\u0027s Degree
897 satisfied customers
Where do report for Partnership (LLC) returns using Form
Where do report for Partnership (LLC) returns using Form 1065 income recipient from taxable federal grant? Specifically, 1099-G, Box 6.… read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
916 satisfied customers
If I have travel expenses that a customer is reimbursing me
If I have travel expenses that a customer is reimbursing me for, are those payments considered income? … read more
Tax.appeal.168
Tax.appeal.168
Principal
13 satisfied customers
Are funeral expenses deductible on IRS personal return? My
Are funeral expenses deductible on IRS personal return? … read more
Lev
Lev
Tax Advisor
32,660 satisfied customers
What is the defintion of Fair Rental Days (on schedule E)?
What is the defintion of Fair Rental Days (on schedule E)? And can I include investment land on schedule E if it is owned by my rental property LLC?… read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
916 satisfied customers
A CPA prepared a filed a personal return last april. There
A CPA prepared a filed a personal return last april. There was a NYS and NYC refund due. The check never was received. The CPA is not helping procure a replacement check, whom should the person call o… read more
Lev
Lev
Tax Advisor
32,660 satisfied customers
Penalty for late filing of partnership LLC tax return, not
Penalty for late filing of partnership LLC tax return, not eligible for Rev Proc 84-35 relief because one of the partners is a foriegner… read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,906 satisfied customers
My question is about writing off travel expenses.. I am a
My question is about writing off travel expenses.. I am a self employed internet marketer, and am wanting to start a new project (building a video sales page) to do this I need to shoot pictures and v… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,124 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x