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R
rkgraham
February 15, 2023
Question

loan expense for closed business

  • February 15, 2023
  • 1 reply
  • 0 views

How can I continue to deduct interest expense for a loan on a closed business?

    1 reply

    M
    MonikaK1
    February 15, 2023

    No, you won't be able to continue to deduct interest on a business loan after the year the business is closed. If the business closed during 2022, you can still deduct business expenses including interest for 2022.

     

    See this TurboTax article for more information on closing a business.

     

    See this IRS article for more information on deductible interest.

     

     

     

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