Although you can not deduct the full amount of the loan payoff you may deduct the part of the balance that is interest. You will deduct the interest as a business on Schedule C when you file your tax return.
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Although you can not deduct the full amount of the loan payoff you may deduct the part of the balance that is interest. You will deduct the interest as a business on Schedule C when you file your tax return.
**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"