Welcome Guest. Register Now!  


Itemized Deductions Schedule-A


Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 01-03-2008, 04:29 PM
Junior Member
 
Join Date: Oct 2007
Posts: 1
loss from former partnership business

last year we closed our partnership and filed our last partnership papers. i had an american express business card that we owned on for the business. last year i transfer the balance to one of my personal visa cards to get a lower interest rate. i still owe about $12,000. on the card. is there anyway i can deduct what i pay off this year on my personal taxex?



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #2 (permalink)  
Old 01-04-2008, 02:56 AM
TaxGuru's Avatar
Tax Guru
 
Join Date: Jan 2007
Location: New Jersey, USA
Posts: 2,399
Blog Entries: 3
Omission of expenses in previously filed partnership return that is now dissolved!

From what I can gather is that you had some expenses incurred in 2006 but were not claimed on the 2006 partnership tax returns. I really am not sure how you could possibly deduct these expenses subsequent to the closing of the partnership.

But, that does not mean you cannot deduct the business expenses incurred for your partnership. I suggest that you file 2006 amended partnership tax return and include the expenses not previously claimed.

This will result in an amended K-1 (generated by the partnership) for the tax year 2006 which will incorporate the additional expenses omitted on the original tax return.

Clearly, you will also be required to file a 2006 amended individual tax return. At least doing so, you will be able to accomplish your objective of being able to claim the omitted expenses.

__________________
Find a CPA near you!

Ask TaxGuru Please refer to the legal disclaimer.


Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning