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Level 2

Question

S corp and home owner

Forum|Forum|2 years ago
November 28, 2023
1 reply
0 views

I'm the owner/officer of S-Corp and bought house, what forms are required to show compensation to pay for house/bills when paying myself.

TurboTax Business Windows

Level 15

Does the corporation actually own the property? Is this your principal residence? Is the home used for business purposes?

rexneffect21Author

Level 2

No the Corp does not own the home, yes it is the principal residence and it is used to store equipment and my office. Thanks for the help.

Level 15

There are ways to handle this scenario and I'll page @Rick19744

The S corporation can pay you a fair rental price for the part of the home used for the corporation's business or you can pay the expenses personally and have the corporation reimburse you for those expenses.