Our business failed in and now we are personally paying back the bus. loan, can we still deduct the int. on our taxes?

Our business failed in and now we are personally paying back the bus. Loan, can we still deduct the int. On our taxes?

Asked by tyl3r123 10 months ago Similar questions: business failed personally paying back bus loan deduct int taxes Business > Taxes.

Similar questions: business failed personally paying back bus loan deduct int taxes.

According to the IRS, since the loan was taken out for an already established business, the interest is tax deductible on Schedule C. Even thought the the business is closed, the loan for for a debt incurred while the business was in operation. As long as the money was used for the business and was not used for a personal items, the interest is tax deductibleJust to be sure in your situation, give the IRS a call.

Tax laws change so fast, what was correct yesterday could be incorrect today.

I think you can only deduct the interest form the business income - up to the total income (meaning if there is no income, you can't deduct any more) but you would want to talk to a financial advisor to be sure.

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My wife and I own a house, both listed on the loan and the deed. If filed taxes separate, can I deduct all mortgage i%?

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