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If my fiancé and I are partners in a business and she takes all the profit even though I pay for many of the expenses such as utilities, can I still write off expenses?

My fiancé and I are partners in an LLP.  We file separately but she claims all of the profit.  I pay for many of the expenses such as the utilities for her studio.  Can I still write off these expenses even though I do not claim any profit?

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1 Reply
WillK
Intuit Alumni

If my fiancé and I are partners in a business and she takes all the profit even though I pay for many of the expenses such as utilities, can I still write off expenses?

If you are your finance are partners than you would file a partnership return using form 1065 which will report income and expenses based your partnership percentage owned. If you have a partnership agreement allows for differences in the allocation of profits and losses (income and expenses). The IRS will not allow one partner to take all the profits and one partner to take all the expenses. 

Once you file 1065 you each will report the Schedule K-1 on your personal returns. 

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