S-Corp Owner

[peggysioux]

Taxpayer is shareholder of S-Corp that deals in commercial real estate. Taxpayer is not an employee of corporation and receives no wages. Taxpayer travels to S-Corp headquarters/commercial real estate which is out-of-state a few times a year. Being taxpayer is not an employee and therefore can't deduct as unreimbursed employee business expense, is there a way that the expenses can be deducted on taxpayer's individual tax return? I don't think there is but thought I would make sure I am not missing anything.

Peggy Sioux

[spanel]

Taxpayer is shareholder of S-Corp that deals in commercial real estate. Taxpayer is not an employee of corporation and receives no wages. Taxpayer travels to S-Corp headquarters/commercial real estate which is out-of-state a few times a year. Being taxpayer is not an employee and therefore can't deduct as unreimbursed employee business expense, is there a way that the expenses can be deducted on taxpayer's individual tax return? I don't think there is but thought I would make sure I am not missing anything.

Peggy Sioux

Nope. Ask the Scorp to reimburse him is all you can do.

Chris

[John of PA]

Also, as you may know, the owner should be on the payroll and getting a W-2 for "reasonable compensation".

[peggysioux]

Taxpayer is a passive shareholder and is not involved in the running of the business, thus no wages as employee.

Peggy Sioux