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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:
- Go to "Deductions & Credits" section.
- Go to Retirement and Investments
- Go to Investment Interest Expense
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March 14, 2025
4:46 PM