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Level 1
posted Apr 9, 2020 9:41:47 AM

Can I deduct the amount paid on a long term lease I'm still paying for for a business I closed down against my income? If yes, where do I enter this information?

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1 Replies
Expert Alumni
Apr 9, 2020 10:48:38 AM

No, since you closed the business down, this becomes personal property.  You sound try to find a business use for it and then you can claim it as an expense on a schedule C.