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February 24, 2025
Question

Interest expense schedule c after closure

  • February 24, 2025
  • 1 reply
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I have a business that closed 2023 - sole proprietor. In 2024, I continued to pay interest on business loans incurred 2023 and prior. In 2024, the business generated $15 in income from activity I performed in 2023 and prior.

 

Can I deduct business interest expense in 2024, for debts incurred 2023 and prior?

1 reply

February 24, 2025

Yes, you can (and should) file a Schedule C and deduct the business related interest expense you paid in 2024.  You should also include any business income you received.  

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