topic I took cash advance loans 2015/2016 and my payments are over $65,000. It makes my income tax a negative $24,000. Was I to put the deposit into my total depoisit? in After you file

I took cash advance loans 2015/2016 and my payments are over $65,000. It makes my income tax a negative $24,000. Was I to put the deposit into my total depoisit?

thevalleytrader — Thu, 06 Jun 2019 13:57:51 GMT

Personal loans and the interest paid on the personal loan...

DoninGA — Thu, 06 Jun 2019 13:57:53 GMT

Personal loans and the interest paid on the personal loan is not reported or deductible on a tax return.

OP's screen name suggests this might be a business.

SweetieJean — Thu, 06 Jun 2019 13:57:55 GMT

OP's screen name suggests this might be a business.

This was business cash advance loans only done in regards...

thevalleytrader — Thu, 06 Jun 2019 13:57:56 GMT

This was business cash advance loans only done in regards to my business monthly deposits

I paid back $65,000 on these business loans in 2016

thevalleytrader — Thu, 06 Jun 2019 13:57:58 GMT

I paid back $65,000 on these business loans in 2016

I am a business. I took out 4 loans called merchant Cash...

thevalleytrader — Thu, 06 Jun 2019 13:58:00 GMT

I am a business. I took out 4 loans called merchant Cash advances. High interest

Payments of principal are never deductible. Interest on...

SweetieJean — Thu, 06 Jun 2019 13:58:02 GMT

Payments of principal are never deductible. Interest on a business loan is deductible by the business.
However, you have not indicated the type of business: solo, S Corp, C Corp, Partnership.

Loans you got are not income and are not deductible. You...

VolvoGirl — Thu, 06 Jun 2019 13:58:04 GMT

Loans you got are not income and are not deductible. You only deduct the actual expenses you paid for using the loan money. You can deduct the interest you pay on them.

And I suggest you look into alternate forms of financing.

SweetieJean — Thu, 06 Jun 2019 13:58:05 GMT

And I suggest you look into alternate forms of financing.

If your Schedule C business borrowed money, only the inte...

re2boys — Thu, 06 Jun 2019 13:58:07 GMT

If your Schedule C business borrowed money, only the interest paid on the loans would appear on your income tax return as a business expense. Neither the loan proceed nor the loan repayments would appear on Schedule C. The loan is not income and repayment is not an expense.