You'll need to sign in or create an account to connect with an expert.
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.
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.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
asalot
Level 1
gglockner
Level 1
lindz3612
New Member
user1727
Level 2
lukegrundy
Level 1
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.