In 2009 we closed our business (LLC filing as S Corp), however I am still paying on a business loan that I personally guaranteed. How do I take that deduction? Last year (2010) was the last year we had income to file a business return and the business no longer exists. Since I no longer have a business to file a business return on, I'm trying to figure out how I document that expense on my personal taxes. Also, am I only allowed to deduct the interest or both principal and interest?