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lwpat
lwpat, Attorney
Category: Business Law
Satisfied Customers: 25387
Experience:  Attorney with over 35 years of business experience.
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I closed my business in 2009, but am still paying on the business

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I closed my business in 2009, but am still paying on the business debt I owe (credit cards). Can I still deduct parts of the interest for 2010 taxes?
Yes you can since it was a business debt. It would be a loss that you could deduct from any other income.
Customer: replied 6 years ago.
Thank, For how many years may I take this deduction?
As long as you continue to pay interest on the original debt.
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