I used my personal money to expand an S-Corporation to new loc. Can I deduct this on my personal tax return?

Posted on January 19, 2009 by

corporation tax
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?

Comments (2)

 

  1. Tia K says:
    January 21, 2009 at 1:07 pm

    you sure can. And you can defer the taxes for another year

  2. waggy_33 says:
    January 22, 2009 at 12:20 pm

    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.

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