CAN I DEDUCT A BUSINESS MORTAGE PAYMENT OR ONLY THE INTEREST AND WHY?

business
tru_belle asked:


I need to know if we can concede a mortage remuneration upon a business. Our blurb operation mortage is a blurb loan as well as usually a blurb operation is upon it. Or, is usually a seductiveness upon a blurb operation deductable. If so, would it be in a most appropriate seductiveness for a blurb operation to lease from us this year?

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Posted on November 2, 2009 at 10:06 am by SetupBiz.com · Permalink
In: United States · Tagged with: , , , ,

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  1. Written by Jonathan B
    on November 4, 2009 at 7:20 pm
    Permalink

    The business can only deduct interest expense. If you own the property personally, and the loan is in your personal name (OK if business is a co-borrower), then the business could deduct the entire payment as rent expense. However, you’d then have a separate schedule on your tax return for this commercial real estate. You’d show the rent payment as income, and then deduct the interest expense there. If the business is an S-Corp then shouldn’t be much of a difference either way. . .

    If you’re a business owner with commercial real estate, you really should have a CPA (or experienced tax accountant) prepare your taxes. . . .

    Oh, you can’t deduct the entire loan payment, as principal paid is a repayment of money lent to you!

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