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Have a nyc s corporation which generated a large capital

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gains . Had to pay...
have a nyc s corporation which generated a large capital gains . Had to pay large estimated tax payments . Can these be deducted off my Federal S Corporation return?
Submitted: 1 year ago.Category: Tax
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Customer reply replied 1 year ago
these were large NYC estimated tax payment for the capital gains
Answered in 5 minutes by:
2/15/2016
Tax Professional: Stephen G., Sr Income Tax Expert replied 1 year ago
Stephen G.
Stephen G., Sr Income Tax Expert
Category: Tax
Satisfied Customers: 7,239
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No. As I'm sure you know all S-Corp income taxes are passed through to you personally. You will get a credit for those taxes on your NYC personal income tax return and you will be able to deduct the payments made in 2015 as an Itemized deduction on your 2015 personal federal income tax return.

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Customer reply replied 1 year ago
These were estimated taxes that the corporation for the NYC general corporation return related to the capital gains
Customer reply replied 1 year ago
these estimated taxes related to the sale of a section 1231 asset which the state of nyc corporation return assesses a tax liability
to i beleive
Customer reply replied 1 year ago
This was on the NYC General Corporation return
Tax Professional: Stephen G., Sr Income Tax Expert replied 1 year ago

OK, you are talking about the NYC Corporate tax that treats S-Corps like regular corporation for NYC tax purposes.

So, yes they (NYC corporate estimated payments made by the S-Corp.) would be deductible as an expense on your 1120-S.

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Tax Professional: Stephen G., Sr Income Tax Expert replied 1 year ago

Just checking in...................

I see that you have had a chance to review my response, but I don't see any follow-up questions?

If you do not have any additional questions, I would appreciate it if you would take a minute to rate my response as that is the only way we receive credit for our work.

Thanks very much,

Steve G.

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