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tlpadil

How do we deduct mortgage interest

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My sister, brother, and I own an LLC. We own 11 units. Is there a place in the form 1065 to claim the mortgage interest?

 

tomas

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tlpadil,

 

Form 8825 is to the Form 1065 as Schedule E is to the Form 1040.

 

Use Form 8825 to report your partnership's rental income and expenses to include mortgage interest for each separate property in your partnership. If all 11 units are separate properties, then you will need to use more than one Form 8825. Complete each Form 8825 through line 16. On the first Form 8825 only, use lines 17 through 21 to enter totals for all Forms 8825. Leave lines 17 through 21 blank on the second and subsequent Forms 8825.

 

Attach Form 4562, as needed, to report first year depreciation for assets initially placed in service during the tax year.

 

You might want to consider purchasing TurboTax Business to complete your tax return. It costs about $100 and has all the forms you need to complete your partnership return. When you are finished with the partnership return, TurboTax will automatically complete all Schedule K-1s that you will need to issue to each partner from the information you entered on Form 1065.

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