TaxGuyBill
Level 15
03-06-2024
01:11 PM
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The individual client owns the LLC/rental, not the S-corporation, right?
You treat it like any other time when the client takes money out of the corporation for his personal use. They could be buying a bunch of donuts, buying a rental property, or going on vacation. Withdrawal for personal use is treated the same: (1) Wages, (2) Distributions or (3) Loan to shareholder.