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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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.
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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