maddspunky
Level 2
11-23-2020
02:09 PM
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I don't think so. The IRS issued Revenue Ruling 2020-27 which reinforces their position that expenses cannot be used for forgiveness and taken as a tax deduction. Specifically they sate that if you have a reasonable expectation that your loan will be forgiven in 2021 then you may not deduct the expenses in 2020.