Husband’s LLC paid $3,000 of interest on the recourse mortgage encumbering the 12-unit mini-storage building. The LLC also incurred operating expenses (such as utilities, property maintenance, etc., all of which you can assume are deductible under Section 162 and/or Section 212) for the 12-unit mini-storage building totaling $11,000.

Are any of these expenses deductible from gross income?

Answer rating: 100% (QA)

Section 162a allows a deduction for all the ordinary and necessary expen... View the full answer