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Updated 9 months ago,
Can Partnership LLC deduct 1098 Mortgage interest if borrowers are partners not LLC
We started an LLC partnership solely for the purpose of managing a short term rental property. We bought the property around the same time the LLC was formed. So the mortgage listed individual partners (SSN) as the borrowers. Can our LLC deduct the 1098 mortgage of this loan? The owners are the partners now but we can do a title change to the LLC.
I called the lender, said we had to re-finance the loan to use the LLC EIN. I don't know if it's easy to switch as the LLC is newly formed, without any tax/income history
Any other way around re-financing? Any suggestion/experience will be appreciated.