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#2
06-02-2006, 05:37 AM
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 Re: How to account for interest expense in partnership bijan.mobasseri[at]gmail.com wrote: - quote - > My start up capital contribution to a partnership comes from
No. It is a return of (your) capital.> a home equity loan. I get reimbursed by the partnership for > the interest I am paying on the loan. Is this payment > counted as interest expense for the partnership? Does partnership payment count as income for me? No, for the reason above. Can I deduct the > interest I am paying on my home equity loan on my personal return? Provided you meet all other requirements for a home equity loan, yes. This has nothing to do with the business. ChEAr$, Harlan Lunsford, EA n LA << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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#1
03-21-2006, 03:06 PM
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| Re: How to account for interest expense in partnership Why can't this be looked at as a loan to the partnership by a partner? The funds were used as startup capital so this brings another twist to the plot. << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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03-20-2006, 07:03 AM
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| Re: How to account for interest expense in partnership bijan.mobasseri[at]gmail.com wrote: - quote - > My start up capital contribution to a partnership comes from
Assuming you, not the partnership, are responsible for> a home equity loan. I get reimbursed by the partnership for > the interest I am paying on the loan. Is this payment > counted as interest expense for the partnership? Does > partnership payment count as income for me? Can I deduct the > interest I am paying on my home equity loan on my personal > return? repayment of the loan: Sice the partnership did not borrow the money from you, I would say that the payments to you from the partnership are income distriubutions to you as a partner. You would deduct your home equity interest as an itemized deduction (aasuming a 1st or 2nd home & w/in allowable limits). Bob Bauer << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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#-1
03-19-2006, 07:07 AM
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| How to account for interest expense in partnership My start up capital contribution to a partnership comes from a home equity loan. I get reimbursed by the partnership for the interest I am paying on the loan. Is this payment counted as interest expense for the partnership? Does partnership payment count as income for me? Can I deduct the interest I am paying on my home equity loan on my personal return? << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
| Tags |
| account, expense, interest, partnership |
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