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I used my personal money to expand an S-Corporation to new loc. Can I deduct this on my personal tax return?
Posted by admin on Jan 19th, 2009
jtesta46 asked:
I used my personal savings to open a new location for my s-corporation. Can I deduct the money I spent on my personal tax return?
I used my personal savings to open a new location for my s-corporation. Can I deduct the money I spent on my personal tax return?
you sure can. And you can defer the taxes for another year
This would have to be treated as a loan to the corporation. You would have to account for the activity properly. If the accounting results in a loss to you you would be able to deduct it.