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business loan

Conwaytax6769
Level 2

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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6 Replies 6
jeffmcpa2010
Level 8

If you have to ask this question, you need more basic training before being a tax practitioner.

Conwaytax6769
Level 2

That’s why I am asking the community. Thank you 

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abctax55
Level 15

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!

 

Former Chump..umm... AllStar...This message was typed from 6 feet away so you can safely read it immediately.

If a post answers your question, click on *Accept as solution* for future searches
dkh
Level 11

Are you asking for preparing your own return ?

Because like @jeffmcpa2010  said if you have to ask - seek help from a tax professional

Conwaytax6769
Level 2

That’s why I am asking the community. Thank you 

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abctax55
Level 15

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?

 

Former Chump..umm... AllStar...This message was typed from 6 feet away so you can safely read it immediately.

If a post answers your question, click on *Accept as solution* for future searches