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HOW TO REPORT UNREIMBURSED MILEAGE ON S CORP

yeknod
Level 2

Where do I report unreimbursed expenses for an S-corp. shareholder like mileage, home office etc?


Thanks in Advance!

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abctax55
Level 15

Form 2106 (for 2017...)

Nowhere (for 2018...)

Perhaps an accountable plan should be set up.

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abctax55
Level 15

Form 2106 (for 2017...)

Nowhere (for 2018...)

Perhaps an accountable plan should be set up.

Former Chump..umm... AllStar...This message was typed from 6 feet away so you can safely read it immediately.

If a post answers your question, click on *Accept as solution* for future searches

View solution in original post

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mojocpa
Level 7
I remember in Lacerte we used to get a nastygram diag saying that unreimbursed expenses for S corp shareholders were not advised.
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abctax55
Level 15
I think we still do...I have a couple where they pay interest on funds used to acquire their ownership in the S-corp.
THAT does go on Sch E, page 2
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mojocpa
Level 7
Yep, I agree.
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rbynaker
Level 11
I think even the 2106 is questionable in some cases.  If the employee was just too lazy to submit the reimbursement forms then no deduction.  The IRS rep at the National Tax Forum I went to this summer wanted proof from the employer that the expenses were not eligible to be reimbursed.  I strongly recommend the accountable plan approach though.  I hate leaving money on the table, especially for 2018+.

That said, the employee/owner could put his CEO hat on, and make a policy that says "we don't reimburse for business mileage."  Then put his employee hat on and complain about how he's getting screwed by his employer. 🙂

Rick
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abctax55
Level 15
Sounds like the Three Face of Eve :joy::joy:
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TAXOH
Level 11
Level 11
:joy::joy:
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