Hey there,
I’m confused and would love some advice. I’ll try and be as clear as possible.
I have a general partnership with one other person. We file a partnership return and then pay tax on our partnership income on our personal returns via a K1.
Illinois charges general partnerships a Personal Property Replacement Tax of 1.5%.
We paid this 1.5% at the time we filed our partnership return.
I then set about filing my personal return. Here’s my question - can I deduct my share of the 1.5% PPRT that I’ve already paid for the partnership on my personal return? Or is this PPRT a separate tax that the partnership owes and can’t be passed through to be deducted on my personal return?
Any thoughts welcome,
Thank you.
Andy
