So I have a partnership in which 1 member drives the company car for personal use as well as business use. I was told personal use of a company car in a partnership goes under Guaranteed Payments. However when I do that, TT is counting the vehicle expenses and the guaranteed payments as an expense as well, which makes my income reconciliation on Schedule M-1 off by the amount of the guaranteed payment. This payment was not made to the partner in cash. How do I enter this so these expenses are not deducted twice. I could reduce vehicle expense by the amount of guaranteed payment calculation, but it seems like there is a better way.
