No, just as with a home, mortgage principal is not deduct...

Are principal payments on business property is tax deductible

I have a commercial land I used for my business. are principal payments on business property is tax deductible

posted

No, just as with a home, mortgage principal is not deductible. Interest is deductible.You take a portion of the cost improvements to the land through depreciation.

http://www.nolo.com/legal-encyclopedia/deducting-business-related-interest-loan-payments.html

My son lives in my 2nd home year round and pays the mortgage which is a lot less than fair rental prices. Do I report it as income or is this a case of cost sharing with a close family member?

in Investors & landlords

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