My 3 member LLC owns the house the members live in. How do we report property tax and mortgage interest on the 1065 so that we can deduct them on our personal returns?
Additional info:
The LLC had no income in 2015
The LLC had contributions from the 3 members
The LLC had expenses for mortgage principal, mortgage interest, insurance and property taxes in 2015. Those were the only expenses.
We are allocating losses to individual members in the typical fashion (no special allocations)
Currently I have reported the property taxes as an ordinary business loss on line 14 of page 1 on the 1065. I have the mortgage interest as an investment interest expense on line 13b of page 4. Is that correct?
Additional info:
The LLC had no income in 2015
The LLC had contributions from the 3 members
The LLC had expenses for mortgage principal, mortgage interest, insurance and property taxes in 2015. Those were the only expenses.
We are allocating losses to individual members in the typical fashion (no special allocations)
Currently I have reported the property taxes as an ordinary business loss on line 14 of page 1 on the 1065. I have the mortgage interest as an investment interest expense on line 13b of page 4. Is that correct?
Federal Taxes: How to Report Mortgage Interest and Property Taxes for a Partnership, IRS Form 1065
Aucun commentaire:
Enregistrer un commentaire