Taxes Relating to Business Partner Shared Down Payment

[Account Closed]

Good Morning BP,

My business partner and I are in the process of purchasing a property. We are looking for advice on the best way to manage the shared down payment, for tax purposes. I'll try to outline the details as basically as possible:

- The loan will be in Partner A's name only, because it's a "2nd home loan" requiring 10% down. This preserves eligibility for Partner B to do the same thing with the next property.

- A multimember LLC has been formed, along with a shared bank account. This LLC specifies joint ownership of assets etc. When possible, the property will be transferred to the LLC.

- Partner A will have to wire the full down payment amount (say $40k even to make it easy) for closing. Partner B needs to send $20k to Partner A for his portion.

What is the best way for this transfer to be completed? Partner B deposit $20k into the shared business account to be withdrawn by Partner A? Anybody with experience in this, advice would be greatly appreciated!  Our goal is to insure that both partners can take advantage of future tax advantages such as mortgage interest, depreciation, etc and also avoid potential gift tax potential ramifications.

Thank you!