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

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1 Best answer

Expert Alumni

Feb 26, 2024 3:54:43 PM

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.

Expert Alumni

Feb 26, 2024 3:54:43 PM

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.