DaveF1006
Expert Alumni

Deductions & credits

The interest you paid on a personal loan used only for business may be deductible as a cost of investing. Since you're a shareholder in the consulting firm,  you should report this on your taxes.

 

In TurboTax, you would typically:

 

  1. Go to "Deductions & Credits" section.
  2. Go to Retirement and Investments
  3. Go to Investment Interest Expense

 

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