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Updated over 6 years ago on . Most recent reply presented by

Amanda G.'s profile image
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Amanda G.
  • Rental Property Investor
  • from Augusta, GA
  • Member since Oct 6, 2017
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Amanda G.
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  • from Augusta, GA
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Amanda G.
  • Rental Property Investor
  • Augusta, GA
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Tax, SDIRAs & Cost Segregation

BRRR funds in own name, what happens with LLC?

Amanda G.
  • Rental Property Investor
  • Augusta, GA
Posted

I'm buying a house for cash using funds from my personal accounts. My plan is to buy the property in my LLC name. When I refi, am I going to run into legal issues taking the cash back into my personal account? Should I write it up as some sort of loan to the LLC?

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Eamonn McElroy#5 Tax, SDIRAs & Cost Segregation Contributor
  • Accountant
  • Atlanta, GA
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Eamonn McElroy#5 Tax, SDIRAs & Cost Segregation Contributor
  • Accountant
  • Atlanta, GA
Replied

Easiest to just code cash in as "owner's contribution" and cash out as "owner's distribution" on the balance sheet.  No need for a loan.  No tax effect.

Shouldn't create legal issues but I'm not an attorney.  Cash out refis are common.

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