Goodmom
Pooh-Bah
Reged: 06/17/07
Posts: 2019
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Re: Alimony and a Yacht
10/30/11 09:01 PM
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Because paying for mortgages and slip fees for a business asset is a legitimate business expense.
If it was a personal asset, and since he is claiming that it is a second office for the business it is not, then the business paying for a personal asset of one of its employees (even if the employee is a co-owner) is considered income.
As I stated before, create a spreadsheet and list all of the personal expenses that are being paid through the business. Those are considered income and will be added to what he claims as income.
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