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After you file
Loan proceeds are not income and are not reported on your tax return (other than as a liability on your balance sheet, if using TurboTax Business).
Loan principal payments are not deductible and are not reported on your tax return (other than as a reduction in the loan liability on your balance sheet if using TurboTax Business).
Interest payments on the loan are deductible business expenses.
‎October 27, 2021
9:28 AM