Question on LLC deduction My business, Single member LLC is considering purchsing a piece of land appraised at 60,000 and a building (inaccurately apprasied at 20k, will apprasided much higher but say 50k)
So I have 110,000 and the owner is willing to do financing with 5% interest over 20 years with a ballon at 5.
My question I am aware that land is not tax deductable but buildings are. My payments will be around 800 with insurance and land tax. How much of that can I deduct? The entire amount ? So at the end of the year I should have 9600 I could deduct?
State of GA |