topic Interest Expense in Get your taxes done using TurboTax

Interest Expense

fasteddie577 — Mon, 15 Mar 2021 18:58:47 GMT

I have two pieces of heavy equipment which will be capitalized and depreciated. A loan was obtained to buy the equipment. Can the interest on the loan be expensed in the year it was paid? Thanks

Re: Interest Expense

ToddL99 — Mon, 15 Mar 2021 19:26:31 GMT

Yes, interest on a business equipment loan can be expensed in the year it was paid.

Enter it in the Other Common Business Expenses interview of Business Expenses.

See the following screenshot examples of what the interview questions look like:

Re: Interest Expense

fasteddie577 — Mon, 15 Mar 2021 19:37:57 GMT

Thank you. Greatly appreciated.