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pavakshah
Level 1

LLC to Personal mortgage

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.

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3 hours ago
last updated ‎February 05, 2025 12:09 PM
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Bsch4477
Level 15
Level 15

LLC to Personal mortgage

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. 

3 hours ago
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