S corp expenses

Collapse
X
Collapse
 
  • Page of 1
  • Time
  • Show
Clear All
new posts
Previous template Next
  • eeyore1954
    Junior Member
    • Apr 2008
    • 1
    #1

    S corp expenses

    A client has s corp income from 3 corps. He has plenty of mileage related to running them not on the k-1's. If I deduct them on schedule A it doesn't help because of AMT can I claim them on schedule E
    Tags: None
    • Jiggers
      Senior Member
      • Sep 2005
      • 1973
      #2
      S-Corp Expenses

      Originally posted by eeyore1954
      A client has s corp income from 3 corps. He has plenty of mileage related to running them not on the k-1's. If I deduct them on schedule A it doesn't help because of AMT can I claim them on schedule E
      No, you can't deduct on Schedule E.

      He should have set up an accountable plan and received the IRS mileage rate reimbursement for substantiated expenses.

      Deductible by the corporations, non-taxable to him.
      Jiggers, EA

        Comment

        • Roland Slugg
          Senior Member
          • Aug 2006
          • 1860
          #3
          Agree with Jiggers

          General partners can deduct UPE on Schedule E, but S Corp shareholders can not.
          Roland Slugg
          "I do what I can."

            Comment

            Previous template Next

            Disclaimer

            Collapse

            This message board allows participants to freely exchange ideas and opinions on areas concerning taxes. The comments posted are the opinions of participants and not that of Tax Materials, Inc. We make no claim as to the accuracy of the information and will not be held liable for any damages caused by using such information. Tax Materials, Inc. reserves the right to delete or modify inappropriate postings.

            Working...