Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
New Member
posted Jun 4, 2019 12:41:16 PM

Where do I put finance charges on and equipment loan that was used for business

I put in the machinery purchased but want to enter the interest (finance charges) paid in 2016.

0 3 1430
3 Replies
New Member
Jun 4, 2019 12:41:18 PM

You can report interest paid on equipment loan on Schedule C.

New Member
Mar 7, 2020 4:50:48 PM

1120S does not have a schedule C

Expert Alumni
Mar 7, 2020 5:01:26 PM

In TurboTax Business, go to Deductions-- Common Business Expenses.

Enter as Interest Expense.

 

 

@johnacman