Can I deduct mortgage interest on a barn used for business?

greyhead423 · ‎June 6, 2019

I pay a home owners mortgage. On my property is a barn that is used 100% for business. Can I deduct part of my mortgage and interest on my schedule C?

IreneS · ‎June 6, 2019

Yes. You can deduct a portion of the mortgage interest on the barn as long as the barn is used as collateral for the mortgage along with the house. You cannot deduct the principal payments, however, they are considered debt service.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

IreneS · ‎June 6, 2019

Yes. You can deduct a portion of the mortgage interest on the barn as long as the barn is used as collateral for the mortgage along with the house. You cannot deduct the principal payments, however, they are considered debt service.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

Expert does your taxes

Do it yourself

Resources

Support

Can I deduct mortgage interest on a barn used for business?