Prabalji,
let us first be clear on a few things. An S-Corp is an entity separate from yourself. Even though a single member S-Corp kind of behaves like a pass through entity in some instances, it behaves like a C-Corp in other areas. Once you make that distinction that this is an entity that is apart from yourself ( member/s ), there is no such thing as home rent for the S-Corp. If the S-Corp's main premises are same as your home ( postal address), it still can only use dedicated exclusive portion of those premises as its own --- thus if the premises are rented, you must delineate/ allocate a portion of the square footage that is used exclusively (and all the time) by the business -- the total rent / utilities etc. can be allocated to the S-Corp. I have had clients with S-Corp ( single member) that had machines running 24 X 7 and thus were able to claim the rent & utilities allocated to the business. Just have good records in case of audit --- this is an area of heightened attention by the IRS.
If you need more help on this -- please add in comments
