Jul
25
is commercial mortgage interest deductible?
By
I do my own tax, if commercial mortgage interest is deductible, where should I appy to on 1040.thanks
Sell House Quick
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3 Comments
August 1st, 2009 at 10:35 pm
You should be able to deduct as a business expense in Schedule C, if commercial mortgage is used for business purposes only.
August 3rd, 2009 at 5:05 pm
Depends, if you ever plan to serve in the Presidential cabinet then sadly no…. ” ( Note to Mike Huckabe)
But seriously you can take depreciation on commercial property and if you are unincorporated or a Sub chapter S corporation this would flow thought to your personal taxes but interest on a commercial mortgage is not deductible.
August 5th, 2009 at 8:51 pm
The only way you can deduct this cost would be to itemize it as a ‘business expense’ in your schedule C for your business. This will then flow to your income if it is a Sole Prop, S Corp, or Partnership.
If you are filing as a C Corp (which I doubt you are, since you would have people doing taxes for you), it would be filed as business expenses in the income statement and to figure out the overall tax liability of the company.
Otherwise, you are pretty much just stuck with a big bill… so I hope you are in the first or second pools
Take care,
-G