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Level 1

Can I deduct home equity loan interest on schedule c if proceeds where used for business only

OUr house was paid off.  We then opened a custom frame business and used proceeds from home equity line of credit to pay for equipment and other business expenses.  Can home equity loan interest be deducted as interest expense on schedule C?

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Level 7

Can I deduct home equity loan interest on schedule c if proceeds where used for business only

Yes, you can deduct the interest you paid on the home equity loan as a business expense on Schedule C, since you used the loan proceeds for ordinary and necessary business expenses.

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Level 7

Can I deduct home equity loan interest on schedule c if proceeds where used for business only

Yes, you can deduct the interest you paid on the home equity loan as a business expense on Schedule C, since you used the loan proceeds for ordinary and necessary business expenses.