itonewbie
Level 15
11-23-2020
02:15 PM
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@maddspunky wrote: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.
Except Senate Finance Committee leadership doesn't quite agree. See this discussion for more details.
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Still an AllStar
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