I have a client who is a limited partner in an accounting firm. All of his income is self-employment income and they show a distribution of the draws for his salary. His basis is low because he only has a small amount of capital contribution. He wants to purchase a vehicle and take the maximum deduction for a vehicle over 6000 lbs but it is being limited due to his basis. Do I increase basis by the amount of self employment income?
For an Airbnb rental that has average rental period of less than 7days, is it correct to show this as non-passive ordinary income vs rental income on the 8825? Partnership has three partners and only one that materially participates.
What a great idea for a topic to discuss. Thanks Tom.
I have a client who is a limited partner in an accounting firm. All of his income is self-employment income and they show a distribution of the draws for his salary. His basis is low because he only has a small amount of capital contribution. He wants to purchase a vehicle and take the maximum deduction for a vehicle over 6000 lbs but it is being limited due to his basis. Do I increase basis by the amount of self employment income?
Thank you Tom
For an Airbnb rental that has average rental period of less than 7days, is it correct to show this as non-passive ordinary income vs rental income on the 8825? Partnership has three partners and only one that materially participates.