Penalty for compensatory damages

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  • jmc
    Senior Member
    • Jun 2005
    • 106
    #1

    Penalty for compensatory damages

    Penalty for compensatory damages other than punitive damages are deductible as business expense.
    Then, does late payment penalty for capital lease or business loan deductible? Any good reference to publication or code?
    Tags: None
    • veritas
      Senior Member
      • Dec 2005
      • 3290
      #2
      You are referring

      to late payment charges. It's deductible as interest.

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        • jmc
          Senior Member
          • Jun 2005
          • 106
          #3
          Non-home-mortgage business loan or capital lease?

          I know I can deduct late payment charge as home mortgage
          interest. Does it also apply to Non-home-mortgage business loan or capital lease?

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