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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1 Best answer
Wesley
Level 3
Jun 1, 2019 11:05:23 AM
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.
1 Replies
Wesley
Level 3
Jun 1, 2019 11:05:23 AM
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.