Solved
Personal LLC - Interest question - Real Estate
I am working on my Small Business taxes we are first timers. We have a flip house - when it asks about interest payments, can we write off all the interest we paid on this house?
This depends on how you are treating this transaction.
Are you considering yourself to be a real estate professional and are reporting the sale on Schedule C?
If you are, you can deduct the interest on Schedule C.
If you are not, this is an investment property, the interest paid, real estate taxes, rehab costs, will all be added to the cost of the property.
Please take a look at the following prior year answer:
https://ttlc.intuit.com/replies/5160708
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