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tax question re: payoff
Group,
(disclaimer: I know I need to talk to a CPA, just trying to get a general idea of what I am dealing with).
I have a property that I decided to go ahead and payoff since I had the funds available to. The payoff was 60K. Is there anyway to deduct this against my gross income as a business expense to offset dividend income I have had this year?
I plan on trying to sell off this property in 2010 but not 100% sure.
The property is owned by my LLC.