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cdiii3
Joined: 10 Mar 2006
Posts: 28
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| Posted: Fri Jul 11, 2008 9:27 am Post subject: home office |
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| Is the home office deduction available for a sole owner sub s corp, and if so, should it be claimed on the 1120S or on the 1040? |
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pistolmcaction
Joined: 16 Aug 2007
Posts: 26
Location: New Jersey
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| Posted: Fri Jul 11, 2008 2:59 pm Post subject: |
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A home office deduction is taken by sole proprietors who file Schedule C of Form 1040. The home office expenses are deducted on Form 8829.
The deduction is not available to S-Corps. |
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RobJ
Joined: 11 Jun 2008
Posts: 182
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| Posted: Fri Jul 11, 2008 7:52 pm Post subject: Re: home office |
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cdiii3 wrote: Is the home office deduction available for a sole owner sub s corp, and if so, should it be claimed on the 1120S or on the 1040?
Don't know if this will help, but it's a good thread (discussion) discussing your situation.
http://www.taxalmanac.org/index.php/Discussion:Home_Office_for_S-Corp |
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Richard Noot
Joined: 20 Aug 2005
Posts: 878
Location: Minnesota
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| Posted: Sun Jul 13, 2008 9:23 am Post subject: Re: home office |
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| [quote="cdiii3"]Is the home office deduction available for a sole owner sub s corp, and if so, should it be claimed on the 1120S or on the 1040?[/quote Since this is a related party transaction fair rental value must be used the net result would be zero. deduction taken on 1120S for the GROSS amt. and The GROSS amount would be income on the 1040. |
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