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Old 08-10-2017, 10:25 AM
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Mortgage payments from an LLC for a member.

An owner in an LLC partnership acquired a condo in their name, not the companies. The LLC is making payments on it each month. The condo is used as a place to stay for both personal and business trips.

Are the payments deductible in the LLC or are they distributions to the members K-1? Would the # of days used for business be used to prorate the expenses?

If the condo was transferred into the business would they be able to treat it as an investment property and deduct the expenses?



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