Solved
EIDL interest for closed S corporations
I have seen posts on the internet that state to deduct this interest as a capital loss. Do you agree and where do I post it on schedule D?
Business loan interest is deductible as a business expense. If your business is closed then you don't have any more business expenses. It is certainly ok to file a final S-corporation return that only lists expenses and no income in order to take this deduction.
If you have a business loan that you have converted to a personal loan because the business is closed but you are still paying the loan off then this is deductible as interest on your schedule A if you are able to itemize deductions.
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