Tax Law (Questions About Taxes)/Business Loan question


Hi I had a question about tax law as it relates to business acquisition loans. I understand that payments for the principal of a business loan are not able to be written off, only the interest of said loan. However, is this true even if the loan is a business acquisition loan? Even in that case can the payments toward the principal not be deducted?

Sorry for the delay; I didn't see the original question come into the queue.

There are lots of critical ancillary questions here.  I'd love to follow yup with you live.  Make a _new_ question and mark it private and I'll give you my contact information privqtely.

Generally, you can only deduct interest, but depending upon how you structure the deql, we might be able to generate significant deductions for you.

You also might be able to avoid tax all together depending upon how creative you are and if the seller is a died by a similarly creative and astute tax cpa.

Send me the new inquiry. I know I can help you!


Tax Law (Questions About Taxes)

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Tax and general business including hospitality related (hotel mgmt degree and experience in industry prior to obtaining ms tax and cpa).


19 years cpa. ms tax. NOTE: My discussions are only a general information and do not constitute tax advise without entering into a specific agreement and executing an engagement letter; This free chat is nothing more than general information and should not be construed as tax advice nor does my response or replies imply an agreement to provide client specific advice or other guidance for purposes of avoiding IRS tax or penalties and should not be relied upon without your own validation and confirmation of the how the discussion may fit your facts... Not having all the facts and/or not having a direct client relationship prevents me from providing the most accurate replies as possible and I highly suggest using a local CPA to provide you with written advice and guidance. Taking matters into your own hands is much akin to trying to land an airplane without a license. It is easy to FLY a plane, but LANDING is when critical experience is key. In short, caveat emptor; do your homework and don't just rely on free chat board advice anywhere, anytime.

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