Welcome back! Ask questions, get answers, and join our large community of tax professionals.
- Topics
- Training
- Community
- Product Help
- Industry Discussions
- User Groups
- Discover
- Resources
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProConnect Hot Topics.
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProConnect Hot Topics.
Turn on suggestions
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Showing results for
- Intuit Accountants Community
- :
- ProConnect Tax
- :
- ProConnect Tax Discussions
- :
- Re: Can an LLC with a rental property, expense interest expense if the mortgage is in the name of the married partners and not on the balance?
Can an LLC with a rental property expense interest expense if the mortgage is not in the name of the LLC?
Options
- Mark Topic as New
- Mark Topic as Read
- Float this Topic for Current User
- Bookmark
- Subscribe
- Printer Friendly Page
olga-santoro-we
Level 2
12-08-2022
10:30 AM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
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.
Labels
2 Comments 2
qbteachmt
Level 15
12-08-2022
11:30 AM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
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.
*******************************
Don't yell at us; we're volunteers
Don't yell at us; we're volunteers
Terry53029
Level 14
12-09-2022
09:24 AM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
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)
