Expenses for Partnership


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I am a member of an LLC that is taxed as a partnership. The LLC is a somewhat unusual structure, I believe, as it allows each member to operate as it's own (seemingly independent) internet business. Each member maintains its own website and incurs its own expenses, but all profits are channeled through the LLC and then back out to the members.

I received a Form 1065 from the partnership with withdrawals and distributions of ~$3K and $0 in contributions. I believe I report the distributions on Schedule E as nonpassive income.

My question is where do I deduct other expenses I incurred? It's a relatively small operation, but I do have some meal (promotional) and travel expenses. Can I deduct car insurance or other? I also work out of my home and store some inventory here. Can I deduct any home office expenses? Finally, at the end of 2011, I withdrew from the partnership and liquidated my inventory (for personal use). Can I deduct the cost of the inventory anywhere?

Thanks for any advice!!
 
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