LLC to Personal mortgage

[pavakshah]

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.

[Bsch4477 · Accepted solution]

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. 

[pavakshah]

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

[AmeliesUncle]

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@pavakshah wrote:

How do I report that in Turbo Tax business. 

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

[pavakshah]

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?