tax question re: payoff

4 Replies

(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.

Do consult with your CPA. If you have points that are being deducted over the life of the loan you should be able to take what's left.

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