Paid expenses with money that was lent to me, do I still report my expenses on my taxes?

Forum|Forum|1 year ago
November 13, 2024
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xmasbaby0

Employee

What expenses? Are you self-employed? Are you referring to business expenses? Or something else?

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ramzoemusic1Author

Business Expenses, own a small business. I was lent money from several entities, they invested that in my business to cover expenses, later to be paid with interest once business starts earning money. My question I still put those expenses on tax return since I paid with the loan and that loan has to be paid back?

SusanY1

Yes, you will still put your business expenses on your tax return, even though you used a loan to pay them. You can also claim the interest paid on the loan itself. However, you do not claim principal payments on the loan as an expense, nor do you count the loan proceeds as income.

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