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Can I deduct mortgage payments, interest on a house bought specifically for a bed and breakfast business?
House was bought in June 2018 solely to make into a bed and breakfast. Using schedule C in turbotax and want to make sure if I can deduct mortgage payment and or interest as an expense. Also, do i list house as an asset on schedule C and reap any depreciation benefit? Payed a substantial amount down, is any of that dedcutible/
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June 4, 2019
9:20 PM
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Deductions & credits
The mortgage payment of principal is never deductible, however on the Sch C the interest paid in 2018 on the B & B is a deductible expense.
Yes, you list the house as an Asset for what paid plus closing costs, and take depreciation on it.
June 4, 2019
9:20 PM