How do I deduct interest payments on a Business Line of Credit
THis was provided alongside the HELOC - which has since been paid off. I have the full balance due on the Line of Credit
- is that deductible even though the LLC was closed in 2018
01913
1 Best answer
SherylSTaxExpert
Level 3
Jun 5, 2019 2:40:41 PM
Interest payments on a business line of credit would be deductible for the period up until the business was closed. The interest would be reported under "interest expense" .
1 Replies
SherylSTaxExpert
Level 3
Jun 5, 2019 2:40:41 PM
Interest payments on a business line of credit would be deductible for the period up until the business was closed. The interest would be reported under "interest expense" .