Kyle is the owner of a small business. He borrowed $1,000 from his local credit union and used 70% of it for his business and the other 30% for a family vacation. In 2023, he paid $100 in interest on the loan. How much interest can Kyle deduct as a business expense on his Schedule C - Business Profit or Loss?

Answer rating: 100% (QA)

Kyle can only deduct the portion of the interest expense that is directly rel... View the full answer