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Old 03-03-2008, 12:55 AM
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Can I write off interest expenses on my personal loan used for my Business?

Dear TaxGuru,

I borrowed funds from my credit cards to finance my business's financial obligations and operations. I still have an unincorporated business and I usually file a Schedule C every year!

Unfortunately, my business did not have the sufficient cashflow to fund the necessary commitments. Since I took a personal loan would I be able to write off the interest expenses? Tks.



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