refi LLC owned property

[Harold Groetsema]

Need some good advice here. I have a Single Family home for rent in my LLC which is paid in full. I want to refi but I need to quick claim it to my personal name. I can then refi it as an investment at 4.65%, my question is how can I deduct the interest of the loan either personally or thru the LLC? Is it worth it to do the refi if I can't deduct the interest on my taxes? Any help in this area would be greatly appreciated.

[Dave Melton]

If your lender won't do the loan with the property in the name of your LLC you might need a new lender. From my experience most lenders don't have an issue with this. You decide how your LLC is taxed but no matte the choice you can still deduct all legitimate interest. I did ha e to send the IRS some paperwork once as some of the mortgages I had in my LLC were ties to my SSN and not the LLC's EIN. When in doubt as your tax professional.