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Can a 100% shareholder of a Sub S corp charge for a ...

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Can a 100% shareholder of...
Can a 100% shareholder of a Sub S corp charge for a pro-rata share of utilities for those provided through use of an "in home office" or are those charges deducted through the 1040 via Business Use of Home?
Submitted: 9 years ago.Category: Tax
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Answered in 11 minutes by:
3/3/2008
Tax Professional: Jim Revels, Certified Public Accountant (CPA) replied 9 years ago
Jim Revels
Jim Revels, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 210
Experience: Providing income tax / planning services for over 16 years on all entity and individual tax issues
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Yes, it is appropriate to expense a proportionate share of expenses associated with your home on the Sub S return. Be careful not to take Landscape expenses, recently found that to be an audit trigger. You should not take these on your personal return.

 

Best regards,

 

 

Jim Revels
Jim Revels, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 210
Experience: Providing income tax / planning services for over 16 years on all entity and individual tax issues
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