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Tax Question Interest Expense

by mpshedd, Window Shopper

  • Created: March 31, 2010, 8:17 am
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2 comments

I took out an SBA loan several years ago, unfortunately my business failed but I have continued to pay the SBA loan.  Even though the business is no longer operating, can I still deduct the interest expense on my taxes?   

Tags: Discuss Popular Topics, Filing and Paying Taxes
‹ Taxes... where to begin!? New LLC without income ›

Used2BeYankee | Window Shopper | 4/7/2010 - 1:30 pm

Find a good local independent tax advisor. Or just call one and they should be able to tell you, seems like a simple enough question to me.

NicoleD | Former Moderator | 4/7/2010 - 7:36 am

hi mpshedd - I suggest you speak with an accountant or call call the IRS's toll-free telephone assistance for business line at: 1-800-829-4933 Hours of Operation: Monday - Friday, 7:00 a.m. - 10:00 p.m. your local time (Alaska & Hawaii follow Pacific Time). In certain areas, IRS also has local offices you may visit to receive assistance.