|
#2
03-27-2008, 03:00 AM
| |||
| |||
 Re: Family partnerships and auto expenses <jhhtexas[at]ieee.org> wrote in message news:6c28e5f3-ecf3-4379-8ece-ec6563533e25[at]s50g2000hsb.googlegroups.com... - quote - > I have a couple filing jointly with a family partnership. They have > auto expenses with 20% of one of their personal cars used for > partnership business. Their auto expenses are now subject to the 2.5% > floor under Schedule A as miscellaneous expenses when they file a Form > 2106 to claim the auto expense. Can they re-title the car they use for > business as a partnership asset and take actual expenses plus > depreciation on Form 1065? They cannot take standard mileage, but > actual expenses plus depreciation given the cost of gasoline should > give them a better deduction. Their 80% use of the "company car" for > personal use would be gratis. Why not just reimburse them 50.5 cpm on a monthly basis with a check????? -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
|
#1
03-26-2008, 10:13 PM
| |||
| |||
| Re: Family partnerships and auto expenses On Mar 26, 2:34 pm, Bill Brown <brow...[at]longwood.edu> wrote: - quote - > On Mar 26, 12:15 pm, jhhte...[at]ieee.org wrote:
auto to make deliveries and to travel to workshops they put on.> > I have a couple filing jointly with a family partnership. They have > > auto expenses with 20% of one of their personal cars used for > > partnership business. Their auto expenses are now subject to the 2.5% > > floor under Schedule A as miscellaneous expenses when they file a Form > > 2106 to claim the auto expense. Can they re-title the car they use for > > business as a partnership asset and take actual expenses plus > > depreciation on Form 1065? They cannot take standard mileage, but > > actual expenses plus depreciation given the cost of gasoline should > > give them a better deduction. Their 80% use of the "company car" for > > personal use would be gratis. > What is this FLP's line of business? > -- > << ------------------------------------------------------- > > << The foregoing was not intended or written to be used, > > << nor can it used, for the purpose of avoiding penalties > > << that may be imposed upon the taxpayer. > > << > > << The Charter and the Guidelines for submitting posts > > << to this newsgroup as well as our anti-spamming policy > > << are atwww.asktax.org. > > << Copyright (2007) - All rights reserved. > > << ------------------------------------------------------- > Educational consulting plus sale of related products. They use their ========================================= MODERATOR'S COMMENT: Please delete unnecessary material from the prior message when responding. -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
|
03-26-2008, 06:34 PM
| |||
| |||
| Re: Family partnerships and auto expenses On Mar 26, 12:15*pm, jhhte...[at]ieee.org wrote: - quote - > I have a couple filing jointly with a family partnership. They have > auto expenses with 20% of one of their personal cars used for > partnership business. Their auto expenses are now subject to the 2.5% > floor under Schedule A as miscellaneous expenses when they file a Form > 2106 to claim the auto expense. Can they re-title the car they use for > business as a partnership asset and take actual expenses plus > depreciation on Form 1065? They cannot take standard mileage, but > actual expenses plus depreciation given the cost of gasoline should > give them a better deduction. Their 80% use of the "company car" for > personal use would be gratis. What is this FLP's line of business? -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
|
#-1
03-26-2008, 03:15 PM
| |||
| |||
| Family partnerships and auto expenses I have a couple filing jointly with a family partnership. They have auto expenses with 20% of one of their personal cars used for partnership business. Their auto expenses are now subject to the 2.5% floor under Schedule A as miscellaneous expenses when they file a Form 2106 to claim the auto expense. Can they re-title the car they use for business as a partnership asset and take actual expenses plus depreciation on Form 1065? They cannot take standard mileage, but actual expenses plus depreciation given the cost of gasoline should give them a better deduction. Their 80% use of the "company car" for personal use would be gratis. -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
| Tags |
| auto, expenses, family, partnerships |
Similar Threads | ||||
| Thread | Forum | Replies | Last Post | |
| Auto expenses for rental property KD: I am using TurboTax to deduct mileage for tending to a residential rental property. The program uses the same worksheet as for work related auto... | Taxes | 3 | 06-29-2006 04:15 AM | |
| K-1 from Limited Partnerships d.l.schumacher: After 40+ years of having no problems doing my taxes (starting with simple pencil and paper, and then moving to calculator, spreadsheets, Turbo... | Taxes | 5 | 04-12-2005 09:52 PM | |
| Publicly Traded Partnerships d.l.schumacher: As a result of broker recommendations, I have participated in a number of publicly traded energy partnerships over the past year. I normally use... | Taxes | 1 | 04-07-2005 06:36 AM | |
| Using classifications for assigning payments/expenses to family members? Charles Blaquière: One of my eventual goals with Money is to use it to figure out the monthly "who owes how much to whom" amount. As you know, in a household,... | Microsoft Money | 2 | 07-17-2004 07:00 PM | |
| Thread Tools | |
| Display Modes | |
| |
Linear Mode
