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Level 2
posted Feb 13, 2023 4:22:53 PM

If in year 2020 I took out an SBA Covid loan for $7,300 I just paid it off (2/2023) including about $675 in interest...do I have to report any of this in my 2022 taxes?

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1 Replies
Expert Alumni
Feb 13, 2023 4:30:48 PM

The only thing you need to report is the interest paid on the loan in 2022, as it is deductible against your business income.