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fondaredfox
New Member

I had a business loan and the interest was reported on a 1098, how do i report this when I am doing my taxes

A personal loan that I had reported the interest on a 1098, how do I put this in, when doing my taxes

1 Reply
KittyM
Level 2

I had a business loan and the interest was reported on a 1098, how do i report this when I am doing my taxes

If you took out a loan for your business, the interest is deductible on your business return.  You will find the option for interest in your business interview.

  • Select Business Income & Expenses and Start or Update 
  • Choose to Edit your business or Add A Business on the next page
  • When you get to the page "Your [Name] Business," scroll down to Business Expenses
  • Select Other Common Business Expenses and Start or Update
  • Scroll down to Interest Payments and Start or Update
  • You may enter your business loan interest paid as Credit Card, Loan, and Other Interest
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