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SF58
Level 1

Where do I input business loan interest expenses?

 
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RayW7
Expert Alumni

Where do I input business loan interest expenses?

You can record the interest expense from your business loan on your business tax return in the section titled "Common Business Expense" and then scroll down to Interest Payments and enter the amount of interest expense.

 

You may or may not receive a notice from your bank of the total interest paid during 2020, but you should be able to find this amount on a recent loan statement from the bank.  If not, contact them to give you the amount.

 

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1 Reply
RayW7
Expert Alumni

Where do I input business loan interest expenses?

You can record the interest expense from your business loan on your business tax return in the section titled "Common Business Expense" and then scroll down to Interest Payments and enter the amount of interest expense.

 

You may or may not receive a notice from your bank of the total interest paid during 2020, but you should be able to find this amount on a recent loan statement from the bank.  If not, contact them to give you the amount.

 

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