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jjtrcka221
Level 3
September 13, 2022
Question

Guaranteed Payments Partnership

  • September 13, 2022
  • 2 replies
  • 13 views

I have a client that received guaranteed payments from a partnership.  I know guaranteed payments do not increase the partners' tax basis, but will the deduction of the guaranteed payments as an expense affect the partners' basis? 

 

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2 replies

J
jjtrcka221Author
Level 3
September 15, 2022

It looks like the M-1 statement takes it out of book income.   So, I am going to assume that this will be the income allocated to the partners, not the book income.  So, does the guaranteed payment reduce the partners' capital account who received it when determining basis?

T
Terry53029Intuit Community Champion
Intuit Community Champion
September 16, 2022

Here is a good irs source on partnership basis. https://www.irs.gov/pub/irs-utl/partners-outside-basis.pdf

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