Small business tax loan question?

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Small business tax loan question?

My business had taken a loan out in 2004; I know that I was able to deduct the interest for the last couple of years; now it came due in 2006 - about $40,000 I had to pay; is there anyway to legally deduct that loan payoff?

2007-02-01 10:49:04 · 0 answers · asked by kregz@sbcglobal.net 1 in Business & Finance ➔ Taxes ➔ United States

0 answers

No, there is no deduction for payments to loan principal.

2007-02-01 11:05:02 · answer #1 · answered by Bostonian In MO 7 · 0⤊ 0⤋