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Level 1
March 23, 2024
Question

Partnerships and personal expense

  • March 23, 2024
  • 2 replies
  • 10 views

I’ve got a client that gets a K-1 from a farming partnership. He bought additional farm equipment personally that he uses on the farm and wants to put that on his personal return. Do I just put this on schedule F or does it have to go through the partnership?

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2 replies

dascpa
Level 11
March 23, 2024

Are you familiar with UPE?

The_AntiTax_Man
Level 7
March 25, 2024

@meffordtax  he could use Schedule F if the farming partnership pays him machine hire for use of the machinery that he bought for use on the farm.