My LLC files form 1065 because it owns several rental properties. I file form 1040, and I manage my LLC's properties. How should I deduct local transportation expenses incurred by my personal car while managing my LLC's properties? Thanks.
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Since the LLC files form 1065, you should have a K-1 to enter on your return showing your share of profit and losses. As you enter your k-1 and walk through the questions, you will see an option to check, my LLC requires me to pay expenses on its behalf. Select this box. This is where you would enter and deduct your local transportation expenses while managing the LLC properties.
Since the LLC files form 1065, you should have a K-1 to enter on your return showing your share of profit and losses. As you enter your k-1 and walk through the questions, you will see an option to check, my LLC requires me to pay expenses on its behalf. Select this box. This is where you would enter and deduct your local transportation expenses while managing the LLC properties.
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