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Get your taxes done using TurboTax
Thanks. And appreciate the screenshot/details. We can deduct the interest expense as you mentioned (or via the question about personal debt for the business).... But I'm still struggling with the loan cost /charges (ie, lender origination fee/recording fees, etc). Seems this should be amortized over life of loan -- so would think it should be on Form 4562 - and then carried on to our Schedule E since it was a personal loan (mortgage) that we used to acquire the business. I can get TurboTax to generate form 4562 for the business... and I can manually add the loan cost/asset, but have to manually calculate amortization expense for this year and then would have to manually figure out how to add to Schedule E.
March 24, 2023
7:51 AM