qbteachmt
Level 15
03-18-2022
11:45 AM
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Two issues:
You cannot loan to or borrow from yourself, for a Sched C entity, because you and that entity are the same. There is nothing to report, except if the loan proceeds are used for a business reportable activity, then the interest might qualify for business expense.
No one reports loan proceeds as other than being in debt. Don't confuse Banking and Income as if they are synonyms.
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Don't yell at us; we're volunteers
Don't yell at us; we're volunteers