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Where would I deduct the truck lease payments on my S Corp…

Where would I deduct the...
Where would I deduct the truck lease payments on my S Corp tax return. The Truck is under the business name.
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3/6/2018
Chad EA, CFP ®
Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional
Category: Tax
Satisfied Customers: 2,171
Experience: Federally licensed IRS Enrolled Agent, Certified Financial Planner (R), MBA
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Customer reply replied 1 month ago
Thanks

You will deduct the truck lease payments on line 11 Rents of Form 1120S.

___

Below is a link to the instructions for the 1120S for your verification.

https://www.irs.gov/instructions/i1120s

Enter rent paid on business property used in a trade or business activity. Don't deduct rent for a dwelling unit occupied by any shareholder for personal use.

If the corporation rented or leased a vehicle, enter the total annual rent or lease expense paid or incurred in the trade or business activities of the corporation during the tax year. Also complete Part V of Form 4562.

Please let me know if this has answered your question or if you have any additional questions.

When you have no further questions a positive rating of 5 stars is much appreciated.

Thank you!

Chad EA, CFP ®
Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional
Category: Tax
Satisfied Customers: 2,171
Experience: Federally licensed IRS Enrolled Agent, Certified Financial Planner (R), MBA
Verified
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Customer reply replied 1 month ago
Thanks.
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Category: Tax
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