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Business & farm
In order for you to take the travel expenses there needs to be a part of the Partnership Operating Agreement that states you are required to pay certain expenses for the partnership yourself. Then you can deduct these expenses on your personal tax return as Unreimbursed Partnership Expenses.
Individual partners and shareholders may deduct unreimbursed employee expenses that are:
- ordinary and necessary,
- paid or incurred during the tax year, and
- are for carrying on a trade or business of being an employee.
As you put in the information for the K-1, TurboTax asks you if you have an Unreimbursed Partnership Expenses (UPE). Click on Yes, then you can enter the expenses.
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March 16, 2020
6:54 AM