olga-santoro-we s
Level 3
12-08-2022
10:30 AM
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The deed of the property shows the LLC as the owner but the mortgage was taken under the names of the married couple that formed the LLC.
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qbteachmt
Level 15
12-08-2022
11:30 AM
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Is this question the same as the clients here:
If so, no reason to ask fresh. If not, then please see that topic for the same issue and the replies there.
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Don't yell at us; we're volunteers
Don't yell at us; we're volunteers
Level 15
12-09-2022
09:24 AM
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More than one owner LLC is a separate entity (community property states have different options) In order to deduct mortgage interest, you have to be legally responsible for the mortgage, being that the LLC is not on mortgage, no deduction. If your client itemizes, then they could deduct as an investment expense (limited to investment income)