Skip to main content
TurboTax
Community
TurboTax
Community
TurboTax
Community
N
neatsweetsbaking
January 29, 2022
Question

Do I need to claim a business loan as income for my small business?

  • January 29, 2022
  • 1 reply
  • 0 views
I applied for and received a loan for my small business this year. I have already entered the interest I have paid on my return, but do I have to enter the loan amount as income?

1 reply

Rick19744
Rick19744
Employee
January 29, 2022

No.  The loan is not income and the principal payments to reduce the loan are not deductions.

Only the interest expense portion impacts your business Sch C (assuming this is what you file).

 

*A reminder that posts in a forum such as this do not constitute tax advice.Also keep in mind the date of replies, as tax law changes.
    N
    neatsweetsbakingAuthor
    January 29, 2022

    This is what I thought, but thank you for confirming!

    Rick19744
    Rick19744
    Employee
    January 29, 2022

    You are welcome

    *A reminder that posts in a forum such as this do not constitute tax advice.Also keep in mind the date of replies, as tax law changes.
    TurboTax Sign In Widget
    TurboTax flag icon

    Unlock tailored help options in your account

    Create an account
    TurboTax Expert Assist
    TurboTax Expert

    Get answers to all your tax questions

    Our experts are available on-demand, no appointment needed. Get help all year long with TurboTax Expert Assist.

    Terms & ConditionsAccessibility statement
    Intuit
    TurboTax Credit Karma QuickBooks MailChimp

    ©1997-2022 Intuit, Inc. All rights reserved.
    Intuit, QuickBooks, QB, TurboTax, ProConnect, and Mint are registered trademarks
    of Intuit Inc. Terms and conditions, features, support, pricing, and service options
    subject to change without notice.

    Security Certification of the TurboTax Online application has been performed by
    C-Level Security.

    By accessing and using this page you agree to the Terms of Use.

    Accessibility

    TRUSTe nResult Certified e-File C-Level Security Certification