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Updated over 5 years ago on . Most recent reply

Refi and deposit into personal account, tax implications.
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