I am using TT for business - filing the 1120S. The company took out loans to cover operating expenses this past year. Can we deduct the interest we paid on the loans? When I entered the interest expense into the deductions section of TT, the program asked me if I need to file 1099-INT. I thought 1099-INT was if we collected interest, not paid it. I'm confused - any guidance would be greatly appreciated.
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It depends on who you are paying the interest to. If you have a commercial loan, the interest is deductible as a business expense and no 1099-INT would be issued. Sometimes an individual lends money to an entity he or she has an interest in. In that case, the S-Corp would issue a 1099-INT to the individual that made the loan.
It depends on who you are paying the interest to. If you have a commercial loan, the interest is deductible as a business expense and no 1099-INT would be issued. Sometimes an individual lends money to an entity he or she has an interest in. In that case, the S-Corp would issue a 1099-INT to the individual that made the loan.
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