need help:which form report commercial loan deductible interest?
Hi,
My 7 property are under the same LLC (single-member LLC, 100% ownership).
Therefore, I will report the LLC under my personal tax return.
I have a commerical portfolio loan of 7 rental properties.
One single loan on 7 condo.
The 7 properties income and expenses are report in schedule E.
Which form do I report the commercial loan deductible interest?
Schedule E or Schedule C?
It would be hard to report it on schedule E, because one big loan interest on 7 properties. I cannot divide the total interest by 7 properties.
But if I report it in schedule C, it looks a bit strange to me.
95% of the 7 properties income and expenses are report on schedule E.
The only two fields in schedule C would be the business license fee and commercial loan deductible interest, without any rental income.
(All rental income are report in schedule E.)
Is it a little bit rare?
Thanks alot for your help!