sjrcpa
Level 15
03-19-2021
04:27 PM
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The only thing I see potentially deductible by the members is their share of the real estate taxes. But if they are already over the $10K SALT limit, no dice.
They can't deduct the interest because it does not meet the requirements for home mortgage - i.e. they do not own the home secured by the mortgage. The LLC owns it.
Who are the other 2 members? The minor children?
Ex-AllStar