Can i deduct interest expense on LLC equity loan?

raquelin2018 · ‎June 1, 2019

my wife and I own a rental property using an LLC, In 2018 we took a loan ( for personal reasons) on the equity of the property, is the interest expense deductible in the 1065s?

Thanks,

Peter

WillK · ‎June 1, 2019

Yes, if the interest from the loan is being paid by the LLC, it would be reported as interest expense on the 1065.

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WillK · ‎June 1, 2019

Yes, if the interest from the loan is being paid by the LLC, it would be reported as interest expense on the 1065.

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Can i deduct interest expense on LLC equity loan?