Family partnerships and auto expenses

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Subject Author Date Family partnerships and auto expenses jhhtexas 03-26-2008  Re: Family partnerships and auto expenses Bill Brown 03-26-2008  Re: Family partnerships and auto expenses jhhtexas 03-26-2008  Re: Family partnerships and auto expenses Mark Rigotti 03-27-2008
Posted by jhhtexas on March 26, 2008, 12:15 pm Please log in for more thread options 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. >> << ------------------------------------------------------- >> Posted by Bill Brown on March 26, 2008, 3:34 pm Please log in for more thread options On Mar 26, 12:15 pm, jhhte...@ieee.org wrote: > 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. >> << ------------------------------------------------------- >> Posted by jhhtexas on March 26, 2008, 7:13 pm Please log in for more thread options > On Mar 26, 12:15 pm, jhhte...@ieee.org wrote: > > > 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 auto to make deliveries and to travel to workshops they put on. ========================================= 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. >> << ------------------------------------------------------- >> Posted by Mark Rigotti on March 27, 2008, 12:00 am Please log in for more thread options >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. >> << ------------------------------------------------------- >> Similar Threads Posted Re: Auto expenses for rental property June 29, 2006, 12:15 am Re: Auto expenses for rental property June 29, 2006, 12:15 am Question on Leasing / Auto expenses Deductions July 22, 2009, 11:32 am Share Calculation Software for Partnerships March 21, 2010, 11:50 pm Multi Level Partnerships (MLPs) in an IRA / Schedule K-1 Income in an IRA October 20, 2008, 12:46 pm Auto Expense for employee January 8, 2007, 9:39 pm Business use auto - wrecked February 27, 2007, 10:11 pm Auto allowance on 1099 March 12, 2009, 11:41 am Questions about auto-insurance dividends February 22, 2008, 10:22 am Hybrid Auto Tax Credit Shock March 7, 2008, 11:52 am