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hcheick
New Member

Can I report a loan that I received to purchase my goods?

 
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Accepted Solutions
Leonard
Intuit Alumni

Can I report a loan that I received to purchase my goods?

If the loan was to purchase goods used in your business then you can deduct the interest on the loan.  You can not deduct the loan amount on your taxes.

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1 Reply
Leonard
Intuit Alumni

Can I report a loan that I received to purchase my goods?

If the loan was to purchase goods used in your business then you can deduct the interest on the loan.  You can not deduct the loan amount on your taxes.

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