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MGC94
MGC94
Level 7
April 1, 2021
Question

business loan

  • April 1, 2021
  • 6 replies
  • 23 views

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 

This topic has been closed for replies.

6 replies

J
jeffmcpa2010
Level 10
April 1, 2021

If you have to ask this question, you need more basic training before being a tax practitioner.

    MGC94
    MGC94Author
    Level 7
    April 1, 2021

    That’s why I am asking the community. Thank you 

    abctax55
    abctax55
    Level 15
    April 1, 2021

    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!

     

    HumanKind... Be Both
      dkh
      dkh
      Level 15
      April 1, 2021

      Are you asking for preparing your own return ?

      Because like @jeffmcpa2010  said if you have to ask - seek help from a tax professional

        MGC94
        MGC94Author
        Level 7
        April 1, 2021

        That’s why I am asking the community. Thank you 

        abctax55
        abctax55
        Level 15
        April 1, 2021

        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?

         

        HumanKind... Be Both
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