Can you deduct interest from a loan that you have for a commercial property off of your taxes?
Jun 28, 2009
in
Commercial Property Loans
I own office space that I run a insurance agency out of, however, i don't file a schedule C as I am considered an employee. The office is owned by my LLC. I have depreciated the space, but I can't find where the mortgage interest falls into the tax situation.
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2 comments
hrblockrichardk on June 28, 2009 at 12:13 pm
If the interest is for commercial property that you use in your trade or business (sole proprietor), then you can deduct the mortgage interest on schedule C.
If the interest is for commercial property that you rent or lease others then the mortgage interest is deducted on schedule E where the rental income from the property is reported.
Richard K
Master Tax Advisor
HR Block
This advice was based upon my understanding of the law in effect at the time it was written as it applies to the facts described by you. See my profile for more information.
bostonianinmo on June 28, 2009 at 12:13 pm
On the business portion of your tax return, sure.