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LLC on deed but not on loan, can LLC claim mortgage interest
Hi Bigger Pockets family,
My question is related to the mortgage interest deduction. I purchased a condo with a personal loan (conventional mortgage), but would like to pass the ownership to my LLC (in which I have another unit - this one has no mortgage). The title company that did the settlement offered a "gift deed" as a method to transfer ownership of the property, from my wife and I to the LLC. However, the loan would still be on my name.
The LLC would use the rental income to pay for the mortgage. So, if we go this route my question is, can the LLC claim the mortgage interest even though the LLC is not in the loan?
Thanks in advance for your help .... FYI I tried to speak with my CPA, but he has been unresponsive the past two days... maybe a need to find someone else, but that discussion is for another day :)
Best,
Dennis