For a self employed person what category would a business loan fall under? It is income or an expense?

Forum|Forum|7 years ago
June 1, 2019
3 replies
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TurboTax Self Employed Online

WillK

Level 14

The principal part of the loan is considered liability not income, thus not a deduction on the return. The interest you pay on the loan would be considered a deductible expense, and would be classifies as interest expense.

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southernpickerchAuthor

Level 2

On my Schedule C which category would the Loan portion go? not the interest..

For a self employed person what category would a business loan fall under? It is income or an expense?

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