TurboTax

Level 2

Solved

partnership auto expense

HI,

1) a partner uses this own vehicle for the parnership. The partnership use the standard deduction or atcual expense on the partnership's return?

2) If a partner is reimbursed by the parnership, does the K1 shows the reimbursement?

Thanks

Alumni - Intuit

The Partner can be reimbursed by the Partnership. The Standard Mileage rate would be used.

No, the reimbursement would not be reported on the K1. It would be an expenses for the Partnership but not taxable income for the Partner.

HERE is a link with more information.

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Alumni - Intuit

The Partner can be reimbursed by the Partnership. The Standard Mileage rate would be used.

No, the reimbursement would not be reported on the K1. It would be an expenses for the Partnership but not taxable income for the Partner.

HERE is a link with more information.

**Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"

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