Business loan payments (principal)
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Can You Write Off Business Loan Payments?
Short answer: No: repaying loan principal isn't deductible; the interest and what you bought with the money may be.
Assets bought with the loan are depreciated.
Records to keep: Keep receipts or invoices, proof of payment, and a short note of the business purpose.
BW-B22-00700
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Business loan payments (principal)
Varies
General Business
Other Expenses
Business Write-Off Questions
No: repaying loan principal isn't deductible; the interest and what you bought with the money may be.
BizWriteOffs provides educational information only and is not tax, legal, or accounting advice. Deductibility depends on your specific facts and records. Consult a qualified tax professional.
Business justification
No: repaying loan principal isn't deductible; the interest and what you bought with the money may be. Assets bought with the loan are depreciated.
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