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if someone loans you $10,000 for a business and you pay back
$2,000 a year plus $200 interest a year
Can you write off $2,200 paydown loan on sch C?
Thank you
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If you have to ask this question, you need more basic training before being a tax practitioner.
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Are you asking for preparing your own return ?
Because like @jeffmcpa2010 said if you have to ask - seek help from a tax professional
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That’s why I am asking the community. Thank you
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That’s why I am asking the community. Thank you
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Suuuure you can...as long as you reported the loan as income when you got it and paid self-employment tax on that $ 10,000./S.
See how silly that is?
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Hi there,
You’ve come to an Intuit site supporting tax professionals, and you may be looking for support as an individual taxpayer. Please visit the TurboTax Help site for support.
Cheers!
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