Student Loan Interest
can we claim student loan interest under schedule C for the interest on the class relating to the business?
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Charlotte256
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Questions answered: 5652
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Accountant Community AllStar
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03/23/09 10:37am PDT
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Studen loan interest is only deductible on Sch C when th education would hav been
deductible on Sch C.
In order for any education expense to be taken on Sch C, the education must have been
taken after starting the business and must be to improve skills in operating the business.
Education to obtain a license is NOT deductible, but education to maintain a license
which is required in order to operate the business is deductible.
If the business were very small and the courses taken were in Business Accounting,
I would wish I could double the deduction.
When anyone doing nothing needs help, I will gladly help that person do nothing.
