Deducting Business line of credit interest on personal return?

September 26, 2009 2 Comments

Last year (2007) I sold my business, but left my business line of credit open. This year 2008 I have dipped into the line of credit. My question is, could I write off the "business line of credit" interest on my personal 2008 returns?

A BLOC is secured under the business tax ID number and your Guarantor on that loan, so i would assume since the loan is taken out under the business tax ID you can write off the losses under the business, but you can just ask your accountant, Form 1040A or Form 1040

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2 Responses to “Deducting Business line of credit interest on personal return?”

  1. v b September 26, 2009 at 11:47 pm

    No. You sold the business, so the interest is personal. Personal interest is not deductible.
    References :

  2. Stealth September 27, 2009 at 12:02 am

    A BLOC is secured under the business tax ID number and your Guarantor on that loan, so i would assume since the loan is taken out under the business tax ID you can write off the losses under the business, but you can just ask your accountant, Form 1040A or Form 1040
    References :