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New Member

How & where to enter new SBA commercial loan

If you have a new SBA 7a loan for buying land + doing new construction on that land, where do you enter that information?


Also in the amount do you enter your down payment + the SBA loan amount?


Eg. if down payment was 200,000 and SBA loan was 2,000,000 what amount you enter for amortizing?

2 Replies
Level 15

How & where to enter new SBA commercial loan

Borrowed money is not your money. It never was, is not now and never will be. You don't enter it anywhere on any tax return. Down payments are never deductible. However, the interest paid on that loan and possibly other costs associated with acquiring the loan may (or may not) be deductible. Can't really provide much more detail until you tell us what kind of business the money was borrowed for, and if you personally, or the business is liable for the payback of the loan.

So is your business a sole proprietorship? Single member LLC? Multi-member LLC? S-Corp? C-Corp? Partnership? Something else?

Since this is a commercial loan what are you building? A commercial property such as a storefront maybe? Perhaps your business will be as a storage facility and you are building storage units to lease out to potential customers?


New Member

How & where to enter new SBA commercial loan

It's a new storage facility construction.


In my down payment example of 200K, if 150K were legal fees, architect fees, county fees etc expenses could I write them off as business startup expenses or I will have to amortize them?


And it is a single member LLC with which I bought the land and doing the new storage facility construction.


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