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

stevecapri — Sat, 01 Jun 2019 14:51:26 GMT

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

You may deduct only the interest you paid on the loan dur...

KittyM — Sat, 01 Jun 2019 14:51:28 GMT

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.

topic Borrowed 20,000 for repairs, how do i show payments to the loan, is this an expense? in Investors & landlords

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

You may deduct only the interest you paid on the loan dur...