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johnniedoyce-2
New Member

Where do I put interest on a business loan. bought another company out and got personal loan for this business purchase

 
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PatriciaV
Level 7

Where do I put interest on a business loan. bought another company out and got personal loan for this business purchase

Interest on a personal loan used to invest in a business would be reported as Investment Interest Expense, found under Deductions & Credits.

The easiest way to find this section of TurboTax is to use the Search box at the top right side of the TurboTax header. Click on the magnifying glass, type in "investment interest expenses", hit Enter, and click on "jump to investment interest expenses" to go directly to beginning of this topic.

Or go to My Account >> Tools >> Topic Search. Type in "investment interest expenses", then click the topic in the list to go directly to the start of this section.

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PatriciaV
Level 7

Where do I put interest on a business loan. bought another company out and got personal loan for this business purchase

Interest on a personal loan used to invest in a business would be reported as Investment Interest Expense, found under Deductions & Credits.

The easiest way to find this section of TurboTax is to use the Search box at the top right side of the TurboTax header. Click on the magnifying glass, type in "investment interest expenses", hit Enter, and click on "jump to investment interest expenses" to go directly to beginning of this topic.

Or go to My Account >> Tools >> Topic Search. Type in "investment interest expenses", then click the topic in the list to go directly to the start of this section.

View solution in original post

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