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Get your taxes done using TurboTax
you made a loan to the S-Corp. You have to file the S-Corp return to take a tax deduction for the S-Corp's expenses. technically those credit card expenses, assuming they are business expenses, were deductible by the S-Corp and the deductible on your personal return through the K-1 in the year they were put on the CC assuming you had basis in the S-Corp. TT does not compute basis. if there was no basis in the year the expenses were put on the CC putting money into the S-Corp gives you basis but even then you can only deduct the expenses to the extent you have positive basis before considering those expenses.
‎August 7, 2020
12:24 AM