I am K1 filer and how can I claim for my car lease, insurance and mileage used for my business for tax return?

Forum|Forum|1 year ago
July 3, 2024
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rjs

Employee

What do you mean by a "K1 filer"? Do you mean that you receive a Schedule K-1 from a partnership or S corp in which you are a partner or shareholder? Or are you preparing a tax return for a partnership or S corp that issues Schedule K-1 to the partners or shareholders?

And what is "my business"? Are you calling the partnership or S corp your business, or do you have a separate business of your own? If you are talking about an S corp, are you the only shareholder?

egg-doc-novAuthor

Thanks for the comment. I am the individual partnership from a company with K1 income. Basically I drive to the hospital for my work everyday and I just basically joined this company. I am planning to buy a new car as lease and intend to use it for the business only.

rjs

Employee

There is no such thing as an "individual partnership." I suggest that you consult with a local tax professional to clarify your relationship to the company and how to handle your taxes. The tax professional can examine your partnership agreement and any other relevant documents that you have.

Also, be aware that driving between home and work is commuting and is not tax deductible as a business expense.

The tax professional that you consult will be able to answer any other questions you may have about taxes.