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kenspady
New Member

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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Accepted Solutions
MichaelL1
Level 15

Can I deduct mortgage payments, interest on a house bought specifically for a bed and breakfast business?

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.

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1 Reply
MichaelL1
Level 15

Can I deduct mortgage payments, interest on a house bought specifically for a bed and breakfast business?

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.

View solution in original post

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