I am a sole owner of a S-Corp. I started to renovate part of my home into a home office. I obtained a loan to fund the construction. However, this project is turning into more problems than it's worth. I want to scrap the project. I spent approximately $129K from my business, can I deduct this expense on my 2020 business tax return? If so, how much? I will be in the red if I deduct the full amount. An prompt response would be much appreciated. Thank you.
