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Business & farm
Hi I have a piggyback question hopefully you can help with. We are doing a late S-corp conversion from Sch C as of 1/1/17. The business already had the EIN for 2016, and the return was filed with a vehicle that had been depreciated since 2013 (so 2017 would be the last year, but it would be a pretty small amount). For the 2017 S-corp return, can we deduct mileage, or are we limited to doing actual because that was what was done in the first year, even though it was under Sch C? I am still doing a Sch C on the 2017 return also (this will be the last year) to pay FICA on the shareholder reasonable compensation; can I put down the vehicle as out of service on 1/1/17 on the Sch C and then deduct mileage on the S-corp?
‎June 6, 2019
9:57 AM