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How should I enter Mortgage interest and Property taxes when I am a "single member LLC"?

Hello, my wife and I  have an "single member LLC" with a 51/49 split.

In TurboTax walk through, from what I was told by support, I should be entering the FULL (100%) mortgage interest in BOTH my wife and myself. This does not sound right. I would think it should be 51/49 slpit like everything else.

 

 

Also, how should I enter the PROPERTY TAXES? Should it be 51/49 split? or should it be 100% for each?

 

 

 

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1 Reply
AmyC
Expert Alumni

How should I enter Mortgage interest and Property taxes when I am a "single member LLC"?

The only way you have a single member LLC with two people in  is if you are in a community property state and this is a qualified joint venture. In which case, you are filing one sch C  and the totals would be added together.

 

If you are not in a community property state, you are a partnership and filing is different.

 

 

 

 

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