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Updated over 5 years ago on . Most recent reply

User Stats

18
Posts
1
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Harsh Dangaria
  • Jacksonville, FL
1
Votes |
18
Posts

Refi and deposit into personal account, tax implications.

Harsh Dangaria
  • Jacksonville, FL
Posted

Hi BP family.

Quick question:

Lets say, I paid $100K cash for a property purchased under a LLC. Few months later I refi'ed the property at a slightly higher amount and the bank paid the llc back $120K.

If I use the $120K in the business account and use the money to purchase another property with the same LLC, does that create any tax issues?

Alternatively, If I use the $120K in the business account and use the money to purchase another property with A DIFFERENT LLC, does that create any tax issues?

Alternatively, If I use the $120K in the business account and pay myself the $120K (ie deposit the money into my personal account), does that create any tax issues?

Thanks,

HD

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