I obtained two loans for my s corp for tax year 2017 on January 15, 2017. The loans were facilitated by 2 family members. The loans were paid back 10/15/17. What schedule do I use to report the loan and interest paid and do I 1099 my family members for the loans?
I am not quite sure how you would report these loans for tax purposes. I recommend that you find a tax pro who can take a look at your specific situation and provide the appropriate guidance. If you don’t have a tax pro, the following article includes some great resources on how to locate one in your area: https://fitsmallbusiness.com/how-to-find-a-quickbooks-proadvisor/
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