I invested and partnered with a friend’s company XYZ LLC in their hospitality business. I used my name and didn’t form my own LLC. I am receiving a K1 from them. Everything that I make on the K1 is treated as an income, and any loss whether capital or depreciation is deducted from it. if I incur expenses from driving to/fro to he site of business and other expenses I incur…Is there any way to deduct personal or business expense even though I didn’t form a LLC to this particular business. thanks
