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Deductions & credits
The accountant is correct ... you should be an employee of the corp getting issued a W-2 so you cannot deduct OIH expenses as an employee. And since the corp doesn't own your home you would have to lease the space to the corp ... that way the corp would get the deduction but you would have to report the income on the Sch E and take depreciation that will have to eventually be recaptured. So all this trouble for a net zero result is not worth the effort and it opens you up to an IRS audit.
‎November 12, 2021
9:53 AM
479 Views