Question
Personal Depreciation / S-Corp Return
Hello,
What tax forms need to be filed for reimbursement of depreciation from S-Corp to Individual?
I have a client who owns an LLC taxed as an S-Corp.
They are being reimbursed depreciation expense for:
1) Their personal vehicle they use for work.
2) A portion of their home - for their home office space.
The LLC was taxed as an SMLLC in 2021, and both the amounts are based on the form 4562 and previous year's Schedule C Depreciation schedule.
Does my client need to complete the depreciation schedules on their personal return?
Or - are there similar forms that are needed to be filed by the S-Corp?
Or - do we just have them take the expense, and keep the backup on how the calculations were made?
Thank you,
