HOPE2
Level 9

Thanks again.

One of articles says:
-On the S corporation tax return, report the total reimbursement of the home office in the other deductions
category in a line item labeled “office space” or something similar.
-On your personal tax return, reduce your itemized deductions by the dollar amounts you received as
reimbursements from the S corporation for the home-office mortgage interest and property taxes.
In the permanent file that you maintain for your personal taxes, make sure to track the straight-line
depreciation that the corporation reimburses to you for the home office. You need to treat this depreciation
as if you claimed it personally. This means the depreciation reduces your basis in the home. This also means
that at the time of sale, the straight-line depreciation reimbursed to you is subject to taxation of up to 25
percent as unrecaptured Section 1250 gain.

That is why I asked you guys this question: this reimbursement can be monthly or annually? if it is annually I can find all info from 1098 of lender include mortgage interest and property tax. But 1098 will be received after DEC 31  and for Depreciation of property in what category can be considered( years of dep) rental income or residential home owner. And if this reimbursement should be monthly how can calculate mortgage interest and .... please lead me though the steps, I would greatly appreciated it!

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