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russ1
Level 3
May 12, 2025

Can I deduct final year partnership (LLC) Illinois replacement tax on schedule C

  • May 12, 2025
  • 1 reply
  • 1 view

Client filed a 1065 in 2023.  There were two members of the LLC.  For 2024 there is now a single member LLC reported on Schedule C.  In 2024, the client paid the 2023 IL Replacement tax for the 1065.

Can I deduct this on schedule C for federal 1040 for 2024, and make an adjustment on Illinois 1040?

Thank you.

 

    1 reply

    sjrcpa
    sjrcpa
    Level 15
    May 12, 2025

    I would

    The more I know the more I don’t know.
      R
      russ1Author
      Level 3
      May 12, 2025

      I'm reading that I can't.  But I may under other taxes and then make an Illinois adjustment.

       

      Thanks

       

       

      sjrcpa
      sjrcpa
      Level 15
      May 12, 2025

      Would it be deductible on a 1065?

       I didn't look anything up and obviously am not reading whatever you are.

      The more I know the more I don’t know.
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