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In this situation there's no distinction between "you" and your Schedule C "business". That is, you're not separate taxpayers; the Schedule C is simply reporting some income of "yours" - your business income - just like Schedule B reports your interest and dividend income. So if you simply pulled some money out of your bank account and bought the CNC Bridgemill you don't report interest expense on Schedule C because "you" have no interest expense.
If, on the other hand, you borrowed that money to buy that piece of equipment then that's legitimate business interest.
Tom Young
In this situation there's no distinction between "you" and your Schedule C "business". That is, you're not separate taxpayers; the Schedule C is simply reporting some income of "yours" - your business income - just like Schedule B reports your interest and dividend income. So if you simply pulled some money out of your bank account and bought the CNC Bridgemill you don't report interest expense on Schedule C because "you" have no interest expense.
If, on the other hand, you borrowed that money to buy that piece of equipment then that's legitimate business interest.
Tom Young
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