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
If you have to ask this question, you need more basic training before being a tax practitioner.
Are you asking for preparing your own return ?
Because like @jeffmcpa2010 said if you have to ask - seek help from a tax professional
That’s why I am asking the community. Thank you
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?
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!
