business loan

[MGC94]

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 

[jeffmcpa2010]

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

[dkh]

Are you asking for preparing your own return ?

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

[MGC94]

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

[MGC94]

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

[abctax55]

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?

[abctax55]

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!