Tax Reduction Letter - Corporate Reimbursement of Depreciation on an Office in the Home

Article Date:

May 2006

Word Count:

310

Corporate Reimbursement of Depreciation on an Office in the Home

I operate my business as an S corporation. Each year, I complete IRS Form 8829 for the home-office deduction, give it to my S corporation, and my S corporation reimburses the bottom line number to me personally. I do not report the reimbursement as income as it is an employee reimbursement. Do I adjust the basis in my home for the depreciation that was reimbursed using this form? (S.H., Bloomington, IN)

Yes, the depreciation reduces the basis ... Log in to view full article.

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