have a guy with a company
he has 2 clunker cars
and 2 leased cars
his payments for auto lease, insurance etc is 8k
his deduction if he took 53.5 cents per mile is 13k
how would one reflect the above items on an s-corp return.
MSchmahl wrote:If I am reading Rev. Proc. 2010-51 correctly, the standard mileage deduction is only available for employees (including reimbursement arrangements) and the self-employed. Corporate owner-employees are not considered self-employed, so SMR is unavailable for company-owned vehicles.
I disagree with WEISSEA and agree with JR1. Lease (less inclusion amount) is deductible, plus other actual expenses. The total is multiplied by the business use percentage.
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