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I closed my business in 2018, but am still paying the loan back. Can I claim the interest I’ve paid on the business loan in 2019 as a business deduction in 2019?

 
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2 Replies
Carl
Level 15

I closed my business in 2018, but am still paying the loan back. Can I claim the interest I’ve paid on the business loan in 2019 as a business deduction in 2019?

What kind of business did you close in 2018? Sole proprietorship? Single member LLC? Multi-member LLC? Partnership? S-Corp? C-Corp? Something else?

 

I closed my business in 2018, but am still paying the loan back. Can I claim the interest I’ve paid on the business loan in 2019 as a business deduction in 2019?

Sole proprietorship - was a small clothing boutique. 

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