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Old 02-12-2015, 10:10 AM
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Mortgage payment help for turbo tax business

Four family members started an LLC in 2014. Each of us contributed funds to put money down on commercial property which we made repairs to and then rented. With the down payment, mortgage payments and repairs at the end of 2014 we only had a few hundred left in our account.

We are using turbo tax business for our tax program. Everything on our books balance's out to the penny but I do not find a place in the program to list the principle portion of the mortgage payments. As such it is showing that we have a larger balance than our books.

What am I doing wrong?



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Old 02-12-2015, 12:31 PM
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Talked to a CPA this morning and we figured everything out.



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Old 02-12-2015, 10:48 PM
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Quote:
Originally Posted by mwest49 View Post
Talked to a CPA this morning and we figured everything out.
Good! in genral, you can not deduct the principle portion of the mortgage payments. Or you can contact the software vendor for accurate tech assistance.



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