topic partnership auto expense in After you file

partnership auto expense

ron2024 — Mon, 26 Feb 2024 23:30:32 GMT

HI,

1) a partner uses this own vehicle for the parnership. The partnership use the standard deduction or atcual expense on the partnership's return?

2) If a partner is reimbursed by the parnership, does the K1 shows the reimbursement?

Thanks

KrisD15 — Mon, 26 Feb 2024 23:54:43 GMT

The Partner can be reimbursed by the Partnership. The Standard Mileage rate would be used.

No, the reimbursement would not be reported on the K1. It would be an expenses for the Partnership but not taxable income for the Partner.

HERE is a link with more information.