I have a personal loan that has been exclusively for investment in my business that I paid interest on. Is that interest deductible, and if so, where do I enter it?

[KrisD15]

Are you a self-employed Proprietorship and do you file Schedule C? 

Did you use the loan to make business purchases? 

[Freshdeodorant]

I am a shareholder in a consulting firm that took out a personal loan to make the initial purchase/buy-in. I paid interest on that loan during the year and have documentation of the interest paid. The loan obviously was exclusively invested in the business.

This is my first year in this situation...trying to navigate.

[DaveF1006]

The interest you paid on a personal loan used only for business may be deductible as a cost of investing. Since you're a shareholder in the consulting firm,  you should report this on your taxes.

In TurboTax, you would typically:

1. Go to "Deductions & Credits" section.
2. Go to Retirement and Investments
3. Go to Investment Interest Expense