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Deductions & credits
I wouldn't claim the home office expense unless the S-Corp has income.
I wouldn't use the garage either. If the garage was a separate structure, some professionals might argue that the income rules do not apply. However, in reading the tax court case on this issue, it appears that the income rules would apply no matter what if the garage is on the land where the S-Corp shareholder lives.
I wouldn't use the garage either. If the garage was a separate structure, some professionals might argue that the income rules do not apply. However, in reading the tax court case on this issue, it appears that the income rules would apply no matter what if the garage is on the land where the S-Corp shareholder lives.
May 31, 2019
6:57 PM