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Updated over 7 years ago,

Account Closed
  • Oakland, CA
58
Votes |
133
Posts

need help:which form report commercial loan deductible interest?

Account Closed
  • Oakland, CA
Posted

Hi, 

My 7 property are under the same LLC (single-member LLC, 100% ownership).

Therefore, I will report the LLC under my personal tax return.

I have a commerical portfolio loan of 7 rental properties.  

One single loan on 7 condo.  

The 7 properties income and expenses are report in schedule E.  

Which form do I report the commercial loan deductible interest?

Schedule E or Schedule C?

It would be hard to report it on schedule E, because one big loan interest on 7 properties.  I cannot divide the total interest by 7 properties.  

But if I report it in schedule C, it looks a bit strange to me. 

95% of the 7 properties income and expenses are report on schedule E.

The only two fields in schedule C would be the business license fee and commercial loan deductible interest, without any rental income.  

(All rental income are report in schedule E.)

Is it a little bit rare?

Thanks alot for your help!

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