SCHEDULE C LOAN INTEREST EXPENSE

[Dani70]

In Pro Series schedule c I have looked and looked and can not figure out what line to put interest expense  from a loan. Can someone please tell me what line to put it on?

Dani

[sjrcpa · Accepted solution]

The line called interest? 16b

[PATAX]

@sjrcpa I am glad you said it. Maybe he needs my pop bottles.

[Dani70]

Hello I was incorrect it is not on a schedule c. It is Loan Interest from a business he sold and carried the loan. So where would i put that in Pro Series

[qbteachmt]

Are you asking about an installment sale, with interest income, basis, etc? Do you have the details available? Was this the first year (the transaction happened in this tax year)?

[sjrcpa]

Same place as any other interest income.

[Dani70]

Thank you I appreciate your patience.

[qbteachmt]

Installment sale payments typically include more than interest income. That's why more details always  are helpful.

[rcooley25]

No. He needs fireball