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Where do I post mortgage principle in cash based accounting
I am doing cash based accounting so i will not have depreciation, where do i post the principle part of mortgage payment
This is for 1120X I need to report the mortgage payment
They payment of mortgage principal reduces the mortgage balance but is not a deductible tax transaction.
The interest is reported as a business deduction on Form 1120S. Depending on the purpose of the mortgage, the interest may be an investment interest expense (Schedule K Line 12b), Rental Expense (Schedule K Line 3) or a Nondeductible Expense (Schedule K Line 16c).
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