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I had a business loan and the interest was reported on a 1098, how do i report this when I am doing my taxes
A personal loan that I had reported the interest on a 1098, how do I put this in, when doing my taxes
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June 6, 2019
7:38 AM
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Education
If you took out a loan for your business, the interest is deductible on your business return. You will find the option for interest in your business interview.
- Select Business Income & Expenses and Start or Update
- Choose to Edit your business or Add A Business on the next page
- When you get to the page "Your [Name] Business," scroll down to Business Expenses
- Select Other Common Business Expenses and Start or Update
- Scroll down to Interest Payments and Start or Update
- You may enter your business loan interest paid as Credit Card, Loan, and Other Interest
June 6, 2019
7:38 AM