ZoomnFinancial Posted March 26, 2014 Report Share Posted March 26, 2014 Client is a general partner with his father and the partnership / K1's are prepared by another preparer. The other preparer prepares as part of the partnership return a "charged" rent back to the partners. So instead of taking a home office deduction separately as UPE, it's already netted against the K1 income for each partner. Luckily I had asked as there was no way to know the other preparer was doing this and we would have double counted $900 of interest, ppty taxes & MIP let alone all the utilities, etc. if I would have taken the home office deduction also. Is this common place to net the home office against the K1's? It's the first time I have heard of it but of course most of the partnership's I prepare are side businesses so they typically don't take the home office. Thanks. Quote Link to comment Share on other sites More sharing options...
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