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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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JohnB5677
Expert Alumni

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?

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.

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