if I use a personal loan to pay off business expenses can the interest be used for a tax write off?

Quest743 asked:


how about business loans? how about credit card loans? how about balance transfers?

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Tags: Business Expenses, Business Loans, Personal Loan

This entry was posted on Tuesday, April 28th, 2009 at 11:03 pm and is filed under Personal Loans. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

2 Responses to “if I use a personal loan to pay off business expenses can the interest be used for a tax write off?”

1. bostonianinmo Says:
   May 1st, 2009 at 8:54 am

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   Yes, but keep your business and personal funds separate. Get the loan in the business’ name. The same goes for any credit card accounts. You’ll probably have to guarantee them personally but that won’t affect the deductibility of the interest as a business expense. Just be SURE that you do NOT commingle business and personal funds, i.e. NO personal purchases on the business credit cards or personal expenses paid from the proceeds of a business loan.

2. daddyporky@verizon.net Says:
   May 1st, 2009 at 2:44 pm

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   all interest charged for business use is tax deductable.. this might help you.. ok