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Can you claim business loan interest on a schedule C. this is not mortgage interest. the interest is for operating expense loan interest paid. no 1098 was issued.

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Level 2
business loan interest. where to enter on schedule c
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2 Replies 2
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Level 15
Level 15

Sch C has a line for interest paid.


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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Level 7

Your question is very valid for the way ProSeries presents interest on a Schedule C.  They list mortgages to banks and other, but the other links you to a supporting statement where "another person received the 1098".  The presentation of this is incorrect but we've lived with it for decades.  Just put the business loan interest, finance charge interest, etc. on the Other Interest line 16(b) and ignore the supporting statement.