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Updated about 5 years ago on . Most recent reply presented by

Nicolas Ake's profile image
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Nicolas Ake
  • Real Estate Agent
  • from Akron
  • Member since Aug 23, 2019
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Nicolas Ake's profile image
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Nicolas Ake
  • Real Estate Agent
  • from Akron
  • Member since Aug 23, 2019
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Nicolas Ake
  • Real Estate Agent
  • Akron
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Tax, SDIRAs & Cost Segregation

HELOC in a LLC, tax question

Nicolas Ake
  • Real Estate Agent
  • Akron
Posted

My 50/50 partner and I intend to use one of his properties as a HELOC for a downpayment on a hard money loan. Should we transfer the property into the LLC and then open the account/HELOC? My current understanding is the best practice is to keep business/personal finances separate.Does anyone have any advice?

Thank you

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Lance Lvovsky
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Lance Lvovsky
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Lance Lvovsky
  • Accountant
  • Fort Lauderdale, FL
Replied

@Nicolas Ake

Natalie gave you good pointers. In addition consider the banking impact. Bank may not give a heloc to a property owned in an LLC. Generally would need to be a commercial line of credit.

  • Lance Lvovsky
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