Carl
Level 15

Business & farm

The S-Corp can't depreciate property it does not own. The car will not be listed anywhere on your 1120-S corporate return at all.

At best, the S-Corp can reimburse you for actual expenses that you can provide receipts to the S-Corp for. But if it's not reimbursed through an accountable plan, that reimbursement gets included in box 1 of your W-2 and is taxable income. It's not deductible at all on your personal tax return.