LLC setup / Tax info / Property Gift
Hello, I'm new here to BP and about to embark on my (our) first investment property. So here is my situation. My father is taking out a mortgage for this property and my 2 siblings and I are starting an LLC to basically manage it.
Our plan is for Dad to sign the loan then quit-claim the title to the LLC.
I want to make sure the IRS doesn't come knocking at my door so we need to do the tax filings correct.
1) who is eligible for the mortgage interest deduction?
2) if the LLC makes mortgage payments to a property it isn't on the note for, can those payments really be expensed and counted against income?
We will be talking to an attorney and tax pro too but I thought you smart people here could share ideas too.
Thanks!