It depends on who paid the mortgage interest. If the LLC paid the interest, you can claim that as a business expense. But if an individual member paid the interest and was not reimbursed by the LLC, that individual would claim the interest on their personal tax return.
If the home wasn't rented for more than 14 days of the year or if you didn't charge fair market rent, it is not considered a rental property. You can still report the income and expenses on the LLC return as a business activity not a rental.
You must rent the property for more than 14 days and charge fair market rent in order to report this as a rental activity.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
