deductions

[sofepit]

can I use interest from business card after the business has been closed  DEC. 31.2021. If so where do I enter it.

[Vanessa A]

No, if you officially reported the business as closed in 2021, then you would not be able to deduct interest expenses on a credit card that you still are paying on.  If you did not report the business as closed in 2021 and if you did not settle out the business like selling off the assets until 2022 (there was some 2022 activity), then yes, you could deduct the interest expense in 2022. 

 If the business was officially closed in 2021, then no, you cannot just deduct interest forever on a card for a non-existent business. It would simply allow you to offset income with no earnings to match.