turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

tfm1
New Member

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

 
Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Reply
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).

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies