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4wheeldriveparts 11
Level 1
Dec 13, 2018 6:34 AM UTC
Question

Business interest deduction

My business partnership purchased a piece of equipment in 2018. With the new tax laws changing, I understand that I can write off the whole price. However I am on an installment plan for 5 years, can I write the whole interest on the item or just what interest I pay each year?

    3 replies

    MargaretL
    MargaretL
    Alumni - Intuit
    Dec 13, 2018 9:08 PM UTC

    You cannot deduct the whole interest amount. 

    If your partnership is on the cash basis, you can deduct only the interest you actually paid. If your business is under the accrual method, you can deduct only the interest amount that has accrued during the tax year. 

      4wheeldriveparts12
      Level 2
      Dec 13, 2018 11:54 PM UTC

      Okay. That is what I thought. I just wanted to make sure. Thank You!

      MargaretL
      MargaretL
      Alumni - Intuit
      Dec 14, 2018 4:07 PM UTC

      My pleasure, Good luck in 2019!

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