SBA loan interest

5 replies
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Hello everyone.

Clients received SBA loan during Covid had been Uber driver, now he is on W-2 and we do not have any Sch C so I would like to know what can I do with loan interest he paid in 2024?

Thanks for your help.

ProSeries Professional

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Just-Lisa-Now-Answer

Intuit Community Champion

Hi @Just-Lisa-Now- if I enter negative amount on Schedule 1 and mention Revenue Ruling 67-12, would be fine?

Thanks for your help

thats what I did.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

J

judys3

Level 6

I would keep the Schedule C on the return and enter the interest since it is a business loan being paid back or possibly enter this as a negative number on "other income" and label it as SBA loan interest?