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Can I deduct mortgage interest on a barn used for business?
I pay a home owners mortgage. On my property is a barn that is used 100% for business. Can I deduct part of my mortgage and interest on my schedule C?
Yes. You can deduct a portion of the mortgage interest on the barn as long as the barn is used as collateral for the mortgage along with the house. You cannot deduct the principal payments, however, they are considered debt service.
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