lw06880
Level 3
Client bought new primary residence in NY in Jan 2021 and established LLC to hold the property. Did not rent it out at all, lived in it 11 months of the year. What does he do with the mortgage int and property taxes? As expenses of the LLC I am assuming they can not be used as an itemized deduction. Or do we disregard the LLC and add to Sch A? Also assuming they can’t be expensed on Sch E as there was no income.  What to do?
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