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Updated over 8 years ago, 09/20/2016
NC tax laws on deducting mortgage interest
Hi all, this is my first real question here... a CPA recommended that for a residential rental business in NC I should start an LLC but buy the homes in my own name because a business cannot deduct the mortgage interest but an individual can. I'm having trouble wrapping my head around that; if the homes are in my name what is the point of the LLC? Also, does that sound right (the part about a business not deducting the mortgage interest)?