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C
cjjahnke1010
May 6, 2020
Question

I closed my company in 2018 and I started to pay back a personally guaranteed loan for that company in 2019 and I was told a portion of those payments may be deductible

  • May 6, 2020
  • 2 replies
  • 0 views
I had a CPA do my corp taxes for ten years prior and he told me that what I paid back on that personally guaranteed loan would be deductible in some form, maybe just the interest, on my personal 2019 taxes. Where does that number go in TurboTax.

2 replies

O
Opus 17
Employee
May 6, 2020

Personal loan interest is not deductible. Interest on a business loan would be deductible against business income if you still had a schedule C.

A
Anonymous
May 6, 2020

what kind of company? sole propreitorship, LLC, S Corp, partner in a partnership, C Corp. 

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