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JROCKET27
New Member

Interest

The bank pays interest of a few cents to me. I pay interest to EIDL. Are both forms of interest recorded to the same account?

1 Reply
conniem123
Employee Tax Expert

Interest

No.  Interest you receive from the bank is Interest Income.  

 

Interest you pay for your EIDL is Interest Expense.

 

You will want to keep track separately.

 

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