I am a partner in a business and have a loan used to purchase shares. Can I deduct the interest on the loan?

[CalCountry · Accepted solution]

Here's some information from nolo.com at:
   http://www.nolo.com/legal-encyclopedia/deducting-business-related-interest-loan-payments.html

"Loans to Buy a Business
If you borrow money to buy an interest in an S corporation, partnership, or LLC, it’s wise to seek an accountant’s help to figure out how to deduct the interest on your loan. It must be allocated among the company’s assets and, depending on what assets the business owns, the interest might be deductible either as a business expense or as an investment expense, which is more limited. Interest on money you borrow to buy stock in a C corporation is always treated as investment interest. This is true even if the corporation is small (also called closely held) and its stock is not publicly traded."