Borrowed 20,000 for repairs, how do i show payments to the loan, is this an expense?

[stevecapri]

borrowed 20000 from bank to make repairs, how do i show expense for monthly payments? 

[KittyM · Accepted solution]

You may deduct only the interest you paid on the loan during 2017.  (To deduct the payments and the repairs you made would be double-dipping.)

Enter the interest in the "Your [business name] Business" on your Federal return.  The category you are looking for is under Business Expenses, Other Common Business Expenses.  Start or Revisit this category and scroll down to Interest Expense.