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Posted

New client has been paying down credit card debt that was incurred by his S-Corp that closed last year (1120S was marked "Final").

Is there any way to deduct this interest on his personal return this year?

Posted

I had a partnership with that situation back when I worked at HRB, so no access to those returns. With my aging memory, I think I researched the answer to be to use Schedule E as if the expense was still passing though from the 1065. But, I'm already sleep deprived, so don't trust that answer. Just trust that there is a way and keep researching!

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