As the 100% shareholder in my S-Corp, I have added my personal useage dollar value to my W-2 for the personal use of the S-Corp owned vehicle.

Can you please tell me the following:

1) Should the personal use value also be added in with Line 7 on my 1120S?

2) Do I then deduct ALL of the vehicle expenses on my 1120S, or just the
business-use percentage of the expenses?

Thanks much!

Eric

1) the personal use portion is not deductible
2) only use the business portion when deducting on form 1120-S

greg freyman, CPA
Brooklyn NY CPA Freyman & Freyman, LLC