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Updated over 4 years ago,
Sales proceed from LLC property
Hello, have a basic question. My rental property is under LLC and is under contract. Can the sales proceed be deposited into my personal account vs LLC checking account? The rational is use the proceed to purchase another property under my name (as mortgages are easier to secure with favorable rates) and then transfer new purchased rental to new series LLC name.
The LLC is a series LLC with myself and my wife as members in state of TX.
I just want to ensure this is legal and don't want to miss out on any tax benefits by depositing into my personal account? Title company can make the change to transfer my rental under contract from LLC to my name they just need to know what i decision is.
Thanks,
RD