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Business & farm
Ok ... the payment is NOT a deduction on the return ... however the interest you pay is an deducible expense and the purchase price of the property MUST be depreciated per the IRS rules.
I highly recommend you seek local professional assistance to understand basic bookkeeping concepts and how to file the corporate return (which is due 3-15) and the required quarterly fed/state payroll tax forms.
May 13, 2022
12:54 PM