☰
✕
Sign In

Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
New Member
posted Feb 23, 2025 4:34:59 PM

Interest expense schedule c after closure

I have a business that closed 2023 - sole proprietor. In 2024, I continued to pay interest on business loans incurred 2023 and prior. In 2024, the business generated $15 in income from activity I performed in 2023 and prior.

 

Can I deduct business interest expense in 2024, for debts incurred 2023 and prior?

0 1 742
1 Replies
Expert Alumni
Feb 23, 2025 4:43:40 PM

Yes, you can (and should) file a Schedule C and deduct the business related interest expense you paid in 2024.  You should also include any business income you received.