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Is the mortgage interest deductible?

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    #1

    Is the mortgage interest deductible?

    A LLC had three partners, X, Y and Z. In 2015, X and Y bought out Z. X and Y needed money to make the purchase. Therefore, they used a rental property of the LLC to get a mortgage. So the mortgage is under the name of the LLC. Then the LLC distributed the mortgage proceeds to them so they could use the money to pay Z.

    Is the mortgage interest deductible to the LLC?
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