>>how much expenses incurred by an investment club are
deductible to the partners....Such things as travel and
entertainment....Also, do you just use the standard k-1
filing?

Expenses incurred by an investment club are deductible to the same extent they would be to an ongoing business. Generally an investment club's deductible expenses are limited to NAIC membership, the cost for bivio's services, investment counsel (subscriptions, monthly service fees, etc.), stationery and postage. (I may have missed a few items.) It is highly unlikely that travel and entertainment would be deductible as there is no business component to either. Expenses incurred to attend corporate annual meetings and investment seminars are expressly non-deductible. If you are using bivio's software to track your club's books (a reasonable assumption considering where you are asking this question) then you use the K-1 generated by the tax software when preparing your personal return.

 

Ira Smilovitz