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can i deduct interest paid on a business loan for my LLC
I hope i can do this.
Yes, you can deduct interest on a loan that was obtained and proceeds used for your business. Do not deduct any interest from your business return if the proceeds were used for personal purposes (not for your business need).
This would be considered as 'other interest' as opposed to mortgage interest. General examples would be a credit card or a business loan from a bank or other financial institution.
Note: If this happens to be a single member limited liability company (SMLLC) it would be reported on Schedule C. If a partnership using Form 1065 or an S-Corporation using 1120S then the expense would be reported on those forms.
[Edited: 02/08/2025 | 12:41 PM PST]
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