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Deducting expenses in 2020 for a business sold in 2019
I sold my business (an LLC) in 2019 and filed the final 2019 Form 1065 business return in early 2020. During 2020, I paid out of my personal bank account outstanding business credit cards of approximately $20k. Can I deduct this $20k on my personal 1040 for 2020? If so, does this get reported on Schedule C? Thank you!
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March 3, 2021
3:33 PM