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Question

SBA loan and Franchise fees

Forum|Forum|1 year ago
March 6, 2025
1 reply
0 views

I took out an SBA loan in December 2024 for my drone, photography business. I don't have any income from this business for 2024. The loan required initial capital injection of $15k, including $3k for a broker fee. I believe i need to enter this in Schedule C, Other Miscellaneous Expenses. Is this correct and do I amoritize this $15k for 15 years, including the broker fee when I enter it? In other words, do I enter $1k each year for 15 years or do I enter the $15k, where the software automatically amoritizes it?

Correct, you will enter as Start Up expenses. TurboTax will give you the options and amortize. Just be sure to indicate that this is the first year of the business so you get the correct interview.