Llc Subject too, taxes

[Account Closed]

Hello BP! 
If I purchase the note against my personal home using my LLC, then subject too the title to the LLC, forgive the note against the house and transfer it back onto my personal name would I be able to take that value as a loss on my llc while avoiding taking the forgiven amount In as personal income. thoughts/counsel?

Ps. This did not sound as shady in my head as it does after I typed it out. But I can’t know until I know, you know?