Not sure if this is where I should ask, but a question about taxes & property

One piece of property (commercial/rental)

One person is named on the mortgage

A different person (LLC I believe) is listed on the deed.

Who claims the property on their taxes?

The same name was on both until 2 yrs ago. Just found out no one claimed it on last year's (2010) taxes. (both thought the other was doing it).

Thanks!

Re: Not sure if this is where I should ask, but a question about taxes & property

Usually whoever is responsible for and collects rent/pays the expenses and the mortgage/taxes should put the property on their tax return. I would need a litte more info to say for sure but it looks like the LLC should be filing the tax return with all the rent/expense etc. If you'd like some help preparing or need other tax advise please feel free to contact me.