Hi -
I have a newly established LLC partnership (partners are me and another person). We run the business virtually. I have a dedicated office in my home for the business.
1- How do the deductions for utilities and space work? In other words, can my deductions be different than my business partner deductions (each of us have their own homes, utilities, phones etc. and expenses for space and utilities are paid from our personal accounts separately).
2- Should these expenses be listed on the K-1 schedule generated by the business and then applied on our personal tax filing? or there is no need to list these expenses on our business report (an hence will not be reflected on the K1 schedule) as each have different expenses which will lead to different deductions?
Best,
