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100% S-corp owner purchased a land on which she plans to
100% S-corp owner purchased a land on which she plans to build a house that would be used as a showcase space for the business.Can be cost of the land and expenses incurred building the house to be de… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
29,882 satisfied customers
An automobile (less tan 6,000 lbs) is purchased by an S Corp
An automobile (less tan 6,000 lbs) is purchased by an S Corp on 10/15/2015 for 60,000. It is the only Fixed Asset purchased by the Corp in 2015 & is used 70% for business (its depreciable basis is the… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,424 satisfied customers
I have an S corp. Our profits are rising this year and I am
I have an S corp. Our profits are rising this year and I am looking for expenses to reduce taxable income. Can the S corp buy a car, then lease it to me? It would be titled to the business and insured… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
29,882 satisfied customers
S corporation that has a single shareholder; what's the
for a S corporation that has a single shareholder; what's the pros and cons for the corporation purchase the auto and have the shareholder drive it, versus the shareholder buy the auto and submit auto… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
29,882 satisfied customers
I'm looking to change my S Corp to an LLC in NJ. I'm told th
I'm looking to change my S Corp to an LLC in NJ. I'm told that I need to create a new LLC and then merge the existing S Corp into the LLC. I am currently the only owner in the S Corp; however, when I … read more
financeguru2
financeguru2
Master's Degree
310 satisfied customers
I own a small staffing company, I want to buy a used Mercedes
I own a small staffing company, I want to buy a used Mercedes SUV and use it for business purposes. Can I write off the cost of the car this year. Also do I have to buy a separate insurance policy for… read more
Anne
Anne
Master Tax Preparer
3,422 satisfied customers
I own a small business (LLC/single owner S-corp) and would
I own a small business (LLC/single owner S-corp) and would like to buy a new car through the business. I would like to trade in a personal car to purchase the new car. Questions: Is the money received… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,424 satisfied customers
I am a sole stockholder of an S Corp. I want to get a new
I am a sole stockholder of an S Corp. I want to get a new SUV car. I was planning on leasing it through my S Corp for 36 months. Then personally buying it at the end of the lease. This way additional … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,424 satisfied customers
Hello everyone, S Corp Car (Vehicle) depreciation question:
Hello everyone, S Corp Car (Vehicle) depreciation question: I have a new Toyota car that I purchased a year ago for 30K. Can I transfer my Car to my own S Corp for 25K (KBB Value). How much depreciati… read more
PDtax
PDtax
Owner
Master's Degree
9,530 satisfied customers
want to ask you another question: how to deduction the car
want to ask you another question: how to deduction the car expenses ? if the share holder bought a car mainly for the S-corp company's use, can the entire amount be deducted from the S-corp income? Ho… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,424 satisfied customers
in 2010, I used a brand new vehicle for business purposes as
in 2010, I used a brand new vehicle for business purposes as an independent contractor and deducted everything on schedule C. In 2011, I converted my business into an S-corp. I have been paying all bu… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,424 satisfied customers
I bought a new car that cost $23k and took a 60% $6600 section
I bought a new car that cost $23k and took a 60% $6600 section 179 deduction on it last year for my s-corp. I am 100% owner of the s-corp so just pay myself for the use of the car. Now I'm considering… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,424 satisfied customers
I have leased personal car to my corporation and have reported
I have leased personal car to my corporation and have reported the payments received as income. I have fully depreciated the car in my personal tax returns too. After the lease term is over do I repor… read more
RD
RD
Self Employed
Master's Degree
5,572 satisfied customers
We are in a process of buying a a new car,and thinking about
We are in a process of buying a new car,and thinking about buying a car for a business used (my husband is a physician and has a private practice), so the questions are, what is best for us in term of… read more
BK-CPA
BK-CPA
Bachelor's Degree
972 satisfied customers
I purchased a Smart car (personally) that I use for my 2 pizza
I purchased a Smart car (personally) that I use for my 2 pizza stores. The stores make the payments on the car loan. How do I account for this on my 1120-S tax returns? The car has also has been wrapp… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,424 satisfied customers
There are four owners of a S corp, the owner distribution of
There are four owners of a S corp, the owner distribution of stock includes the value of four vehicles as well as cash. The vehicle titles are in each of the four owners names since the S corp is new … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,424 satisfied customers
Im interested in using my S corp (well established and profitable)
I'm interested in using my S corp (well established and profitable) to assist in buying real estate investments. 1.) Can my S. Corp. purchase a real estate investment as a tax deductible expense? 2.) … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,424 satisfied customers
My S-Corp will have 60 K in profit after Sep-Ira cont. Last
My S-Corp will have 60 K in profit after Sep-Ira cont. Last year I bought my Used card into the business at 15K and this year I started to use the car for personal use 100%. So I am thinking of buying… read more
Ed Johnson
Ed Johnson
Senior HR Consultant and Business Devlpm
Bachelor's Degree
6,994 satisfied customers
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