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momma1
Level 4
July 15, 2020
Question

Can you claim business loan interest on a schedule C. this is not mortgage interest. the interest is for operating expense loan interest paid. no 1098 was issued.

  • July 15, 2020
  • 2 replies
  • 21 views
business loan interest. where to enter on schedule c
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    2 replies

    Just-Lisa-Now-
    Just-Lisa-Now-Intuit Community Champion
    Intuit Community Champion
    July 15, 2020

    Sch C has a line for interest paid.

    ♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
      dascpa
      dascpa
      Level 11
      July 15, 2020

      Your question is very valid for the way ProSeries presents interest on a Schedule C.  They list mortgages to banks and other, but the other links you to a supporting statement where "another person received the 1098".  The presentation of this is incorrect but we've lived with it for decades.  Just put the business loan interest, finance charge interest, etc. on the Other Interest line 16(b) and ignore the supporting statement.

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