I posted about this but would like to discuss it again because it’s been over a year. Thank you @dominique_dabolczi for your original replies.
- Shareholder owns 100% of a service-based business
- Purchased a second house (small townhouse) and used it exclusively for business rather than renting a commercial space. *Paid for this second home with personal funds
- Two work vans wrapped in the business logo out front for employees to use.
- Basement - completely refinished with a commercial-grade exhaust system (professionally installed requiring special electrical, etc). Used to prepare items for sale.
- Main floor - used as a boardroom, administration, sales & bookkeeping area.
- Upstairs - two bedrooms used for storage and master bedroom with office set - office furniture, computers, whiteboards, filing cabinets, printers, scanners, and employees working there.
How shall the shareholder treat the expenses including utilities, insurance, property tax, mortgage interest, repairs & maintenance that they personally paid for?
DT Expenses (to Corp) CT SH loan?
Update: Home is either sold or for sale.