How do I claim travel expenses spent by me only when I am a member/owner of an LLC?
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I am using TurboTax Business to file our LLC's taxes. There are 2 owners including myself. I'd like to claim travel expenses spent by me only (not the LLC). Do I do this here or on my 1040? If I do it on the LLC's 1065, it will show up on both of our K-1s, but it should only show up as my expenses.
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Answer:
You're flying blind on your tax return? Good luck. You might want to read the instructions for Form 1065. If you did you're see that in order for a partner to deduct out-of-pocket expenses, the requirement to incur those expenses must be included in the written partnership agreement, which you probabaly don't have, which you should have. If the expenses are allowable you'd deduct them on Schedule E of Form 1040 with the code "UPE" (Unreimbursed partnership expenses). If your business is important to you, find someone who knows what they're doing to help you with your tax return.
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Other answers
quote: I'd like to claim travel expenses spent by me only (not the LLC) You did not state that they were business related. If those expenses are the LLC related business expenses, then they are expenses to the LLC and not to you. If they are personal travel, they are not deductible for you as an individual. Not even as a miscellaneous deduction.
Report those expenses on Form 2106 of your 1040.
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