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DDR3
Returning Member

Can an LLC deduct interest expense if the mortgage is not in the name of the LLC but it is in the name of the partners?

 
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‎December 8, 2022 3:23 PM
last updated ‎December 08, 2022 3:23 PM
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M-MTax
Level 12

Can an LLC deduct interest expense if the mortgage is not in the name of the LLC but it is in the name of the partners?

LLC can deduct the interest if it owns the real estate and pays the interest because the mortgage is lien against real estate it owns.

‎December 8, 2022 5:32 PM
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DDR3
Returning Member

Can an LLC deduct interest expense if the mortgage is not in the name of the LLC but it is in the name of the partners?

Thank you. 

Can I add the mortgage to the liability side of the balance sheet and the cash used to buy it to the capital account or does the whole investment go into the capital account?

‎December 8, 2022 7:11 PM
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