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Level 1

Can I deduct my loan payments against self employment income or is it only interest costs that are deductible? My loan is at 0% interest anyway.

 
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Level 1

Can I deduct my loan payments against self employment income or is it only interest costs that are deductible? My loan is at 0% interest anyway.

If you have a loan that is being used for business purposes, you are only able to deduct the "interest" paid on that loan. 

Zero percent loans are great, but unfortunately, no tax deductions are available for them. 

View solution in original post

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Level 1

Can I deduct my loan payments against self employment income or is it only interest costs that are deductible? My loan is at 0% interest anyway.

If you have a loan that is being used for business purposes, you are only able to deduct the "interest" paid on that loan. 

Zero percent loans are great, but unfortunately, no tax deductions are available for them. 

View solution in original post