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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?
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Answered in 13 minutes by:
3/21/2018
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 33,126
Experience: Taxes, Immigration, Labor Relations
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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

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Customer reply replied 3 months 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

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Customer reply replied 3 months 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: 33,126
Experience: Taxes, Immigration, Labor Relations
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Customer reply replied 3 months ago
thank you Lev.
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