Personal Loan for a equipment hauling trailer for business.

[JScottMT85]

Hi Everyone, 

I am looking to purchase a trailer for my business to haul equipment and want to make sure I do it correctly.

My side  business is brand new, so I am not sure finding a business loan is the cards right now. I have great credit myself, so I would like to take out a personal loan to purchase the trailer. 

What will my business deductions look like in this scenario? The trailer will be used only for the business. I will make deposits directly to the business account to cover the loan  for the time being and can place the loan money in the business account for the initial purchase if necessary. 

Any information is much appreciated.

Thanks

[Critter]

What tax form does/will  the business file ?   1065, 1120, 1120S  ?   Or is this a Sole Proprietorship filing a Sch C ?

[JScottMT85]

Hi Critter thanks for the response. 

I am in partnership with my wife so likely it will be a 1065, but I know under certain circumstances it sounds like we could file schedule c as a husband-wife partnership... so I guess either 1065 or Schedule C