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Mortgage Expense on Form 1065
I am filling a Form 1065 for the first time. Last year's accountant classified all mortgage payments as cash distributions to the owners. The property is not in the LLC's name, but in the owners' personal names. Can anyone explain why this can be done and how to move forward in subsequent years? Do I always reclass mortgage payments to owner's distributions? I dont know how I can continue this practice without the distributions making total equity negative.
ā€ˇFebruary 20, 2020
10:50 AM