Interest Expense
I have two pieces of heavy equipment which will be capitalized and depreciated. A loan was obtained to buy the equipment. Can the interest on the loan be expensed in the year it was paid? Thanks
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I have two pieces of heavy equipment which will be capitalized and depreciated. A loan was obtained to buy the equipment. Can the interest on the loan be expensed in the year it was paid? Thanks
Yes, interest on a business equipment loan can be expensed in the year it was paid.
Enter it in the Other Common Business Expenses interview of Business Expenses.
See the following screenshot examples of what the interview questions look like:


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