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Dear Tax Talk,
When would unreimbursed expenses, or the UPE, not show on the current year Schedule K-1? Can the UPE carry over from a prior year? I have a customer who is showing UPE, but it does not show on his K-1.
Dear Lori,
UPE stands for unreimbursed partner expenses. They are not reported on the Schedule K-1 of the partnership, as they are expenses incurred by the partner.
Unreimbursed expenses are reported by the partner on his or her tax return. If the partner is an individual, then the expenses would be reported on Page 2 of Schedule E on the lines provided for reporting the partner’s share of partner income. Details of the expenses are not required to be disclosed on Schedule E. The partner, however, should keep the detailed records to support the total entered.
The unreimbursed expenses have to be required under the partnership agreement. For example, the partnership agreement should state that each partner is required to pay his own automobile or cellphone costs in pursuit of the partnership’s business. Accordingly, the partner would record standard mileage or actual auto expenses plus business cellphone use, and claim that as UPE. If the partner is subject to self-employment tax on the net earnings of the partnership, then he could reduce the income subject to tax by the UPE.
Ask the adviser
To ask a question on Tax Talk, go to the “Ask the Experts” page and select “Taxes” as the topic. Read more Tax Talk columns.
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