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Updated over 6 years ago on . Most recent reply

User Stats

11
Posts
7
Votes
Josh Copeland
  • Rental Property Investor
  • St. Charles, MO
7
Votes |
11
Posts

Accounting on Property Transferred to LLC

Josh Copeland
  • Rental Property Investor
  • St. Charles, MO
Posted

I intended on transferring a property in my name to my LLC. I've done this before with a free and clear property but for the one I plan to transfer I have a note.

Since the LLC will be paying a note that is in my name, is there any special accounting I need to do?

Does the note need to exist on my LLC's accounts payable? If not, how do I log the payment?

Do I just do a owners draw each month for the amount of the loan and pay it from my personal account?

I am not an accountant, I probably need one, I just want to understand a few things a little better.

Also, I couldn't find a forum for Accounting, this may be misplaced but it felt like the best fit. Let me know if there's a better place for this post. 

Thanks in advance,

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