Can I expense mortgage interest on a rental property as legal owner but I am not an obligor on the mortgage note?
Mortgage loan pmts come from rental cash flow. Have been paying for years. We are refinancing now and makes sense to put in partner's name because of their intention to buy my half in near future. I don't want to lose the deduction.
Can I expense mortgage interest on a rental property as legal owner but I am not an obligor on the mortgage note?
Yes, you can, if you own the building (which you say you do) and the mortgage note is secured by the building.
The IRS lets you deduct your mortgage interest if
The loan issecured, which means the lender has some kind of guarantee of payment, usually in the form of property. If a borrower defaults on payments, the lender can seize the property that’s securing the loan. If you’re buying or refinancing a home, especially if it’s your first home, the loan is usually secured by the home you’re buying or refinancing.
Can I expense mortgage interest on a rental property as legal owner but I am not an obligor on the mortgage note?
Yes, you can, if you own the building (which you say you do) and the mortgage note is secured by the building.
The IRS lets you deduct your mortgage interest if
The loan issecured, which means the lender has some kind of guarantee of payment, usually in the form of property. If a borrower defaults on payments, the lender can seize the property that’s securing the loan. If you’re buying or refinancing a home, especially if it’s your first home, the loan is usually secured by the home you’re buying or refinancing.
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