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Updated about 13 years ago, 11/12/2011
Warranty Deed to LLC & Mortgage Interest
Hi everyone,
I don't know if this question has been addressed before (my apologies if it has since I couldn't find the right thread). I'm thinking of deeding our rental properties into an LLC (our lawyer suggested General Warranty Deed vs. Quitclaim Deed). However, I am not sure how mortgage interest would be claimed at the end of the year when taxes are filed? I presume the interest statements sent from the bank are still for our personal SSN (since we're still the borrowers on the mortgages).
Maybe this is something a lot simpler than I am thinking ... How's everyone doing it?
Thanks for any advice you might have!
Angie