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Tax deduction for business interest on a loan
My Scorp during the year purchased a book clients from another business. The sale was seller financed with a loan paying back the seller $262,964 along with $30,000 worth of interest over the loan length of 3 years.
How do I list the loan under the business for taxes and deduct $10,000 worth of interest as an business deduction?
‎January 28, 2025
2:54 PM