interest payable?interest expense?

They may be the same amount but they serve two different functions. Interest expense is the interest incurred for a particular period in time - it goes to the income statement in figuring out net profit. Interest payable is a liability account on the balance sheet - it comes into being when you incur interest but it's due at some point in the future - example: took out a 3-month loan with the principal and interest due on the maturity date...at the end of the first month you owe interest but you won't pay that until the loan comes due, so it's recorded as interest payable. At the end of month two of the loan you have now added another month of interest due to your interest payable.

Hope that helps.

Interest Payable

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In most cases the answer is NO! However there was a tax court case a number of years ago that would allow it under rather narrow circumstances. If you are on the title for the property for a percentage of the ownership and you pay some part of the payment for a loan (not in you name) on that property you may take the interest portion of those payments as a deduction. The ruling seemed to say that you are obligated if you are on title because you will lose the property if the loan is not paid. You would be limited to the part you paid not the percentage of ownership.

In accounting, interest payable is interest expense incurred but not yet paid. It is an accrued expense(ex. bank interest payable).
The components of interest expense are interest that are already paid, ex. interest exp from bank loan, your present interest liability, and many other interest exp account.. So your interest expense is inclusive of your interest payable.