Deducting Business line of credit interest on personal return?

post Category: Business Credit Lines — admin @ 6:34 pm — post Comments (2)
postSeptember 26, 2009

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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Horaayy..there are 2 comment(s) for me so far ;)

#1

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

v b wrote on September 26, 2009 - 11:47 pm
#2

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 :

Stealth wrote on September 27, 2009 - 12:02 am
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