ThomasM125
Expert Alumni

Business & farm

You don't need to report the expenses on your Form 1065 if you deduct them on your personal return. You don't need to enter them elsewhere on your personal return other than on the K-1 entry as I mentioned. If you wanted to consider them as cash contributed, just make a note in your personal records that the amount is added to your cost basis in the partnership. The credit card expenses should be added to your expenses in 2024 and make an offset to a liability account for the credit card balance, credit card payable for instance. They are deductible in the year you charge them even if not paid in that year.

 

 

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