Discussion:Deductibility of Syndication Costs for a Limited Partner
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Discussion Forum Index --> Advanced Tax Questions --> Deductibility of Syndication Costs for a Limited Partner
Discussion Forum Index --> Tax Questions --> Deductibility of Syndication Costs for a Limited Partner
| 5 June 2008 | |
| I have a client who is a limited partner in a real estate partnership which was sold in 2007. I have the final K-1 with all the required information to determine profit or loss . Attached to the K-1 was some general information about the sale which included a note regarding possible deduction of my client's portion of Syndication costs that were incurred when the partnership was initially formed (marketing costs etc )
As I understand the 1045 Partnership rules these syndication costs were capitalized but never depreciated or amortized. They were shown as an asset on the books . Can my client deduct the prorata sgare of the syndication costs on the year of sale ? If so would it be deductible as a miscellaneous itemized deduction or somewhere else. I cannot find an entry it anywhere on the final K-1. Thanks .... | |
RoyDaleOne (talk|edits) said: | 5 June 2008 |
| First, does your client have basis remaining? | |
RoyDaleOne (talk|edits) said: | 5 June 2008 |
| Also see Riley2 comments. | |
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