Thursday, December 17, 2009

What Is Needed To Buy A Used Trailer In Ontario Can I Deduct Paying Off A Personal Loan If I Used The Money To Buy Assets For My S-corporation?

Can I deduct paying off a personal loan if I used the money to buy assets for my S-corporation? - what is needed to buy a used trailer in ontario

I have 100% of an S-Corporation and had a pair of low loader (U.S. $ 11,000 was buy each) for a personal loan from Bank of America and bought 2 trailers with her (22,000 $). Can I deduct the payment of taxes they pay the loan because the loan was used to acquire the assets of my company? Both trailers are made in my business, not me. If not, what is the right way to do this?

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