Refinance from llc to personal, and sell, taxed much?
So I currently have flip that is almost done but past profit point, I wanted to refinance to my name, to sell or rent. My question is , would I get taxed just for difference of loan and sale price, or would the money I put at closing cost and holding cost be accountable and lower amount taxed , or be able to show loss?
Not sure if this helps but, I loaned money to llc (two member) to pay closing cost, and pay directly from my bank to hml mo interest and holding cost.
If any cpa in south jersey please pm me too, looking for cpa too.