Welcome to Law-Forums.org!   

Advertisments:




Sponsor Links:

Discount Legal Forms
Discounted Legal Texts


S-corp Supplemental Business Expenses

Business Law discussions

S-corp Supplemental Business Expenses

Postby Christiaan » Thu Oct 06, 2016 8:51 am

s About Taxes)/S-Corp supplemental business expenses Advertisement Expert: John Kirk, CPA - 4/9/2008 I am a shareholder of an S-Corp in which I incur expenses which are un-reimbursed...primarily travel related and some depreciable equipment.  I have,in the past, taken interest expense on debt incurred for the purchase of the S-Corp shares as a non-passive loss on Line 28 B(h) on my Schedule E. What are the requirements to take these other expenses onto Sch E?
Christiaan
 
Posts: 38
Joined: Tue Mar 04, 2014 3:46 pm

S-corp Supplemental Business Expenses

Postby Alson » Mon Oct 10, 2016 3:53 am

s About Taxes)/S-Corp supplemental business expenses Advertisement Expert: John Kirk, CPA - 4/9/2008 I am a shareholder of an S-Corp in which I incur expenses which are un-reimbursed...primarily travel related and some depreciable equipment.  I have,in the past, taken interest expense on debt incurred for the purchase of the S-Corp shares as a non-passive loss on Line 28 B(h) on my Schedule E. What are the requirements to take these other expenses onto Sch E?
Alson
 
Posts: 46
Joined: Sat Feb 08, 2014 5:38 am

S-corp Supplemental Business Expenses

Postby Witt » Fri Oct 14, 2016 9:41 pm

Shareholder expenses that are ordinary and necessary are deductible on schedule E line 28.  Interest paid on borrowings to acquire S-Corp stock is deductible.  Travel expenses and depreciation are not ordinary and are not deductible unless they show a valid business purpose.  

I would find it hard to deduct depreciation as you would have to show that it was necessary for you to acquire the equipment for business use.

John Kirk, CPA

www.johnkirkcpa.com  
Witt
 
Posts: 40
Joined: Sun Jan 05, 2014 2:05 pm


Return to Business Law

 


  • Related topics
    Replies
    Views
    Last post
cron