u have a house with a mortgage if you convert to a LLC as an investment can you deduct the interest ? and Conference 2010 - Meeting Exhibitors - Ulster Community Investment Trust

u have a house with a mortgage if you convert to a LLC as an investment can you deduct the interest ?

investment property with an existing mortgage, u convert it to a LLC can you deduct the interest come tax time, what can u do?
Putting the property into an LLC is only a good idea if you need liability protection. Since a single-member LLC is generally considered a disregarded entity for federal income tax purposes, you will be considered the owner even if the property is in an LLC, so that really won't help you.
what wont help me be specific?


Investment best answer:

Answer by Gem
Even if you do not have an LLC, yet have investment property, the interest would be an expense of doing business and could be deducted.

I do not see how converting your company from a sole-proprietership (what you have now) to an LLC would change much when it comes to taxes. But it has been a long time since I've read tax code, so I could be wrong. Ask a tax professional

Investment

Conference 2010 - Meeting Exhibitors - Ulster Community Investment Trust


Image by DUP Photos
North Antrim MLA Mervyn Storey supporting the work of the Ulster Community Investment Trust at the 2010 DUP Conference

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