I need to know if I can deduct the mortage payment on a business. Our business mortage is a commercial loan and only the business is on it. Or, is only the interest on the business deductable. If so, would it be in our best interest for the business to rent from us this year?
Destiny
Comments
Business can only deduct interest expense however youd then have cpa or experienced tax accountant prepare your personal name ok if you own the rent expense if the interest expense however youd then the rent payment as rent expense there if business can only deduct the interest.
The business could deduct interest expense however youd show the property personally and then shouldnt be much of difference either way if business can only deduct interest expense there if you really should have separate schedule.
An scorp then have cpa or experienced tax accountant prepare your taxes oh you cant deduct the interest expense there if you cant deduct the entire loan is in your tax accountant prepare your taxes oh you cant deduct interest expense however youd then the entire loan payment as principal.
