Are personal loans deductible from business taxes?

Chica asked:


Are personal loans deductible from business taxes??? if a family member is giving me 165000 as a loan for my business…will i be able to deduct it from my business taxes?? i have a corporation.

Shane

Tags: Family Member, Loan Business, Loans Personal

This entry was posted on Saturday, December 27th, 2008 at 4:14 pm and is filed under Personal Loans. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

One Response to “Are personal loans deductible from business taxes?”

1. R Worth Says:
   December 30th, 2008 at 6:33 am

   If it is a personal loan you cannot deduct it as a business expense, BUT it sounds like it is not a personal loan because it was for the business therefore you can expense the interest on the loan.

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