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LimahTD03
New Member

I am 50% owner of an S Corp which has an ecommerce store. Where do I report monthly website fees on the 1120s, The Schedule K 1065, and the Schedule E 1040?

Also where would I document the monthly virtual office fees on these same forms? I pay rent for a virtual office every month. Would it go in the same place I would document regular rent? Please Help. Thank you

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MinhT
Expert Alumni

I am 50% owner of an S Corp which has an ecommerce store. Where do I report monthly website fees on the 1120s, The Schedule K 1065, and the Schedule E 1040?

On your business return (form 1120S), you can report the monthly website fees and the virtual office rent as Computer services/supplies under Common business expenses.

Once you have entered all income and expenses on your business return, the profit/loss is allocated to each shareholder's schedule K-1.

Each shareholder will then enter the schedule K-1 in their personal return and TurboTax will transfer information from the schedule K-1 to Schedule E and then to form 1040. Each shareholder does not enter any detailed income or expenses on their personal return, just the Schedule K-1.

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MinhT
Expert Alumni

I am 50% owner of an S Corp which has an ecommerce store. Where do I report monthly website fees on the 1120s, The Schedule K 1065, and the Schedule E 1040?

On your business return (form 1120S), you can report the monthly website fees and the virtual office rent as Computer services/supplies under Common business expenses.

Once you have entered all income and expenses on your business return, the profit/loss is allocated to each shareholder's schedule K-1.

Each shareholder will then enter the schedule K-1 in their personal return and TurboTax will transfer information from the schedule K-1 to Schedule E and then to form 1040. Each shareholder does not enter any detailed income or expenses on their personal return, just the Schedule K-1.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
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