Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Tax, SDIRAs & Cost Segregation
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 6 years ago,

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,

Loading replies...