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tfm1
New Member

Can travel expenses to attend annual LLP partner's meeting be deducted

 
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AmandaR1
New Member

Can travel expenses to attend annual LLP partner's meeting be deducted

If this is a publicly traded LLP, no, the IRS specifically disallows travel to corporation shareholder meetings and this is considered the same. This is for the investment expenses for the itemized deductions.

If it is not, then yes, if the partnership agreement has specific language that you need to pay for expenses out of pocket that are not reimbursable by the partnership. If this language is not in the partnership agreement you wouldn't qualify. These expenses would then be deducted after you enter the schedule K-1 (the software will ask you if you have expenses to deduct).

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