Welcome back! Ask questions, get answers, and join our large community of tax professionals.
- Topics
- Training
- Community
- Product Help
- Industry Discussions
- User Groups
- Discover
- Resources
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProConnect Hot Topics.
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProConnect Hot Topics.
Turn on suggestions
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Showing results for
- Intuit Accountants Community
- :
- ProConnect Tax
- :
- ProConnect Tax Discussions
- :
- Re: How do we enter a PPP loan which was not forgiven? The client ended up going out of business and had to pay the loan off.
How do we enter a PPP loan which was not forgiven? The client ended up going out of business and had to pay the loan off.
Options
- Mark Topic as New
- Mark Topic as Read
- Float this Topic for Current User
- Bookmark
- Subscribe
- Printer Friendly Page
pdklecker
Level 1
04-29-2021
04:28 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
A client had to close their business before they received PPP loan funds. They paid the loan off when they sold the business. How do I enter an unforgiven PPP loan which is repaid?
Labels
This discussion has been locked.
No new contributions can be made. You may start a new discussion
here
1 Comment 1
sjrcpa
Level 15
04-29-2021
05:09 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
It's a liability until paid. Then repayment zeroes out the liability. There is no tax deduction to be had for repaying a loan (except for the interest part if any was paid).
The more I know, the more I don't know.
