Can i deduct principal on commerical loan? I know I can deduct the interest. I have a loan on a building where I run my business.
I have a 10 year loan for a building where I run my financial planning practice. My principal payments are about 10,000 a year. The interest for this year is about 3600.
Can i deduct principal on commerical loan? I know I can deduct the interest. I have a loan on a building where I run my business.
You should be depreciating the building, so you cannot deduct the principal on the loan.
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