What information is needed to track my loan?
In order to track a loan, we need to know:
- The beginning/original balance of the loan (including any asset being financed by the loan, such as a car or piece of equipment)
- Record of payments made toward the loan (usually monthly)
At year end, we will need to confirm the outstanding principle balance, and/or total interest paid. This allows us to capture the interest expense as a deduction on your taxes and reconcile the account.
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