Monday, August 8, 2011

Can I give a loan to my LLC for a tax deduction?

I purchased income property and put it in a LLC. Instead of getting a mortgage for the income property, I refinanced my house, took out cash, and paid for the income property in cash. I sold the house I refinanced 2 months later. Can I show a personal loan to the LLC for the mortgage I had on my house, so I can deduct the interest on my tax return for the LLC since I used my personal funds to buy the LLC?

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