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Can you answer these two important questions
about your partnership agreement?…
- Does your agreement spell out exactly when a partner can deduct unreimbursed partner activity (UPE)?
- Is your agreement crystal clear about when your partnership can treat some partner activity as if the partner were a 1099 worker?
Why is this all this so vitally important?
Because getting your partnership agreement correct can have a huge impact on your partners’ ability to claim extremely valuable tax deductions!
Here’s what can happen to unwary partners.
EXAMPLE: In a real estate brokerage, one partner could not deduct real estate expenses (like advertising, staging items, etc.) on her personal return because she is a member of an LLC. Ouch!
The good news. There are two solutions to this problem.
For full details CLICK HERE and get the complete article.
“When is a Partner in a Partnership
Considered a 1099 Worker?”