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Should my business return show our loan as a qualified non recourse financing instead of recourse?

 
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2 Replies
RichardK
New Member

Should my business return show our loan as a qualified non recourse financing instead of recourse?

If you hold the borrower personally liable, it is a recourse debt, click here for IRS Recourse vs. Non-recourse.

There are two types of debts: recourse and nonrecourse. A recourse debt holds the borrower personally liable. All other debt is considered nonrecourse.

Cova1
New Member

Should my business return show our loan as a qualified non recourse financing instead of recourse?

How do I enter a recourse amount in Turbo Tax for an LLC?

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