Can Interest Be Deduction if Hard Money was Used
I understand that mortgage interest can be deducted from taxes, but does this still apply if hard money was used to purchase the property?
For example, I borrowed $200k from an HML, and this was all invested into the property, the interest was at 12% a year, can this interest be deducted?
Yes. The interest is a business expense.
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Can Interest be **Deducted if Hard Money was Used
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Quote from @Russell Brazil:Alright, Thank you.
Yes. The interest is a business expense.
Eliott Elias
#3 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
#3 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
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Eliott Elias#3 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
#3 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
- Investor
- Austin, TX
Yes