Skip to main content
Level 2
February 5, 2025
Solved

LLC to Personal mortgage

  • February 5, 2025
  • 2 replies
  • 9 views

What would be the tax implication if i transfer money from LLC to pay off the personal mortgage. ( property was under LLC but mortgage was under personal name). How do I report that in Turbo Tax business. Thank you for the help.

    Best answer by Bsch4477

    You don’t report it. The money you made in your LLC is income. It doesn’t matter that you used it to pay off your mortgage. 

    2 replies

    Bsch4477Level 15Answer
    Level 15
    February 5, 2025

    You don’t report it. The money you made in your LLC is income. It doesn’t matter that you used it to pay off your mortgage. 

    pavakshahAuthor
    Level 2
    February 6, 2025

    thank you for your response. i paid a few dollars directly to the principle. Does it change anything?

    Level 15
    February 6, 2025

    @pavakshah wrote:

    How do I report that in Turbo Tax business. 


     

    TurboTax business (for corporations, partnerships, etc.)?  How is this LLC taxed?

    pavakshahAuthor
    Level 2
    February 6, 2025

    It is pass through to both members.(we generate k1)
    Do I mentioned the money I used for mortgage pay as income to one of the members?