Sales proceed from LLC property

[Ron D.]

Hello, have a basic question. My rental property is under LLC and is under contract. Can the sales proceed be deposited into my personal account vs LLC checking account? The rational is use the proceed to purchase another property under my name (as mortgages are easier to secure with favorable rates) and then transfer new purchased rental to new series LLC name.

The LLC is a series LLC with myself and my wife as members in state of TX.

I just want to ensure this is legal and don't want to miss out on any tax benefits by depositing into my personal account? Title company can make the change to transfer my rental under contract from LLC to my name they just need to know what i decision is.

Thanks,

RD

[Wayne Brooks]

I wouldn't.....there are no difference in tax consequences whatsoever. Either way, getting the proceeds directly in your name, or transferring them from the LLC to you after, probably Both make it easier for someone to pierce the entity veil later on, assuming this is why you have the LLC, as you are commingling/moving the money back and forth between you and the LLC....showing that you and the LLC are really one in the same....easy pickins for an attorney.