Real Estate Agent · Columbus, OH · Member since 2019 · 292 posts · 364 votes
Hi guys,
Newbie here.. Here is the situation: I am trying to purchase a house with a conventional loan - 25% down, 30 yr fixed that I will put under my personal name. However, I will be using the cash from my business checking account. So question is can I do that? How would that affect my LLC standing and what are the tax implications on this?
Vendor · rockville, MD · Member since 2016 · 43 posts · 27 votes
6y
hey Harrison,
i'll start by saying i'm not an attorney or a cpa, you should really talk this over with a professional. so past that disclaimer. i do the same thing. i buy properties using my llc's funds and own them in my personal name. SInce LLC's are pass thru's i've never had issues with the IRS or my cpa.