Can an LLC with a rental property expense interest expense if the mortgage is not in the name of the LLC?

Forum|Forum|3 years ago
December 8, 2022
2 replies
12 views

The deed of the property shows the LLC as the owner but the mortgage was taken under the names of the married couple that formed the LLC.

ProConnect Tax

This topic has been closed for replies.

qbteachmt

Level 15

Is this question the same as the clients here:

https://proconnect.intuit.com/community/proconnect-tax-discussions/discussion/does-the-mortgage-of-a-rental-property-owned-by-an-llc-go-on-the/00/235953

If so, no reason to ask fresh. If not, then please see that topic for the same issue and the replies there.

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T

Terry53029

Intuit Community Champion

More than one owner LLC is a separate entity (community property states have different options) In order to deduct mortgage interest, you have to be legally responsible for the mortgage, being that the LLC is not on mortgage, no deduction. If your client itemizes, then they could deduct as an investment expense (limited to investment income)

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