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My wife and I own an muti-member LLC and we have filed our 1065 and K-1 forms. We both drove for the business in our own personal vehicles how do we expense the miles?
The car is in our own personal names and not the business, therefore we aren't able to deduct it on the 1065 form. It was mentioned you do it when filing as individuals. However I don't see a spot to indicate mileage expense. I don't think it would be under schedule C because we got a K-1. Help please.
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March 2, 2024
11:39 AM