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Business & farm
I am a limited partner with UPE related to an office I maintain for the convenience of the partnership. THis is acknowledged in correspondence from the Partnership at the time I joined. However, the "sceenshot" you refer to does not show up. How do I post these expenses? The Turbotax tool does not prompt for these expenses.
Also, the fund pays income to limited partners providing service to the fund. This is reported out as W-2 income, re-imburseable expenses are payed under a qualified plan. However, we use a thrid party employment company to handle HR and income reporting, so the W-2 income is seperate from the K-1. How do I connect my w-2 income and my unreimbursed expense so that I dont run into limits on the Business income from the activity. The services to the fund create active income and expense not recognized on the K-1.