My partnership Schedule K-1 shows a small amount for non-deductible expenses. Can I report these non-deductible expenses on my personal return?
You can’t deduct the non-deductible expenses paid or incurred by the partnership on your personal return. These non-deductible expenses are reported on Schedule K-1, Box 18 with Code C. Instead, you should decrease the adjusted basis of your interest in the partnership by this amount.
You also don’t have to include in your income amounts of tax-exempt income shown in Box 18 with Code B. Instead, increase the adjusted basis of your interest in the partnership by the amount shown.
Spending your time volunteering is a great way to give back. Learn more about the tax benefits for volunteer work when filing your taxes at H&R Block.
Learn more about earned income credit eligibility and get tax answers at H&R Block.
2017 has beckoned record-topping natural disasters. From wildfires in California to hurricanes throughout the south, the casualty loss tax deduction is a hot topic. Read to learn more.
Here are the top tax questions our professionals got this year – with answers for you! How can you use this? Read on to get answers from H&R Block.