What number should I put to report the interest paid on a property?
How are you vesting title? GR
The loan is in my name, but the lender will let me transfer title of the property to an LLC.
Transfer or vest it in the name of LLC at closing? GR
When I put it under the LLC and when tax time comes, how will I get credit for the interest if it is not under my SS#. Can I use the interest credit even if it is under the LLC tax ID?
If you are closing an escrow of a property in your name then use your social security number!
If your closing in your name then transfering title a week or a month later, then use your social security number!
If you are buying a property and vesting title at closing in your LLC’s name then use the LLC’s EIN (Employer Identification Number) number to close escrow.
An LLC is a flow through entity so whether a EIN or a Social Security number is used all income and expense will flow through to your personal tax return!
Thanks for your help.
LLC’s don’t. Always pass through. I think LLC laws might vary by state but I have the option for other tax structures.
I would venture to guess most of us use pass through though.