☰
✕
Sign In

Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
New Member
posted Oct 31, 2019 4:27:44 AM

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.

0 1 780
1 Best answer
Level 15
Oct 31, 2019 4:27:46 AM

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. 

1 Replies
Level 15
Oct 31, 2019 4:27:46 AM

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.