User talk:Lrussell
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LLC property/paying of note
I am hoping you can answer this.
Purchased a rental-got a personal loan that is unassumable. We formed a LLC and are contributing the property (filing a Quit claim deed). How do we pay the note that is our name? Do we personally pay and then get reimbursed by the LLC or can I just pay the note directly from the LLC?
You are right that some are quite impatient and intolerant on this site. Fortunately there are plenty who are willing to help almost unconditionally.
The New Tax Guy
I think this is a situation that can be handled more than one way depending on who you ask. I assume you don't want to refinance into the company name (with you as the guarantor) because of the costs associated with a refinance.
I personally would handle it the following way:
It is my understanding that when you contribute property to an LLC and the property has a mortgage against it (it is encumbered) then the debt must be contributed also. The debt will be on the company's books and it will pay the mortgage. The interest would be deducted by the company. The 1098 will be in your name at the end of the year which may cause an audit question later if you ever get audited but hopefully it would still pass.
