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In Pro Series schedule c I have looked and looked and can not figure out what line to put interest expense from a loan. Can someone please tell me what line to put it on?
Dani
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Hello I was incorrect it is not on a schedule c. It is Loan Interest from a business he sold and carried the loan. So where would i put that in Pro Series
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Are you asking about an installment sale, with interest income, basis, etc? Do you have the details available? Was this the first year (the transaction happened in this tax year)?
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Same place as any other interest income.
The more I know the more I don’t know.
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Thank you I appreciate your patience.
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Installment sale payments typically include more than interest income. That's why more details always are helpful.
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No. He needs fireball