LLC buying property with personal HELOC
You are not a CPA. You are not a lawyer. Yadda yadda yadda. That's ok. I have my own I'm asking. But different opinions are always valuable.
I took out a HELOC on my primary residence that I plan on transferring into my llc to purchase a property here in Denver within the week. I will do this using a member resolution stating I contributed 20 percent and my wife 80 percent as that's how the ownership split works. All is well there.
But how do I go about paying and tracking the monthly payments to the HELOC. Do I need to do a monthly distribution to my personal account and then pay off the HELOC? Does the 80-20 split need to be recognized in that contribution?
Thanks in advance.