Are personal loans deductible from business taxes?

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Are personal loans deductible from business taxes?

Are personal loans deductible from business taxes??? if a family member is giving me 165000 as a loan for my business...will i be able to deduct it from my business taxes?? i have a corporation.

2007-03-08 19:00:44 · 1 answers · asked by Chica 1 in Business & Finance ➔ Taxes ➔ Other - Taxes

1 answers

If it is a personal loan you cannot deduct it as a business expense, BUT it sounds like it is not a personal loan because it was for the business therefore you can expense the interest on the loan.

2007-03-09 01:17:43 · answer #1 · answered by R Worth 4 · 1⤊ 0⤋

2016-09-28 06:35:29 · answer #2 · answered by Chester 3 · 0⤊ 0⤋