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Where do I enter interest expense on a Line of Credit?

bandb1
Level 1
 
0 Cheers
3 Comments 3
PATAX
Level 15

If it is a Schedule C then you deduct it on the interest expense line. It's there.

TaxMonkey
Level 8

That would entirely depend on what code section made the interest deductible.

TaxGuyBill
Level 15

As the other comments were getting at, what was the money from the loan spent on?