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Get your taxes done using TurboTax
First you and your partner really should sit down with a local tax pro who can educate you on the venture you are in and what can and cannot be done. For auto and home expenses where the partnership doesn't own the car or home then they are UPE on the personal return Sch E page 2. All other expenses MUST be paid thru the partnership bank account and the partners need to fund the partnership until it is self sustaining and can repay the loans made by the partners.
‎October 1, 2022
5:44 PM