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Get your taxes done using TurboTax
Hello Renee, thank you for the reply.
I had recorded the starup expenses as you describe in ttax and I think that this is all correct.
What I was trying to further record was the fact that:
- I paid these expenses personally while the LP was being setup late Nov. 2020
- The LP still hasn't paid me back
- I want to record that the LP owes me money so I thought this would just be a "liability" like an unpaid credit card or other bill.
- When the LP pays me in 2021 , the liability will disappear from the 2021 tax return, and the partners liability would also be eliminated.
I guess I should have collected my reimbursement in 2020 but I didn't :).
‎January 28, 2021
8:25 AM