"Sale" of the property from personal to LLC
Hi All
Have a friend of a friend helping with taxes/accounting. We have a property in our personal names at closing, then afterwards we moved the deed to an LLC created some months later.
However the accountant is suggesting we create a mortgage note for the sale of the property from personal to LLC. The collateral mortgage back to us personally for wherever our personal capital gain appetite resides. It should be a note payable from the LLC to us and formalized with a filing at the county, etc. Does this make sense to others out there? On top of that even setting an interest rate in our favor.
A bit confused on this one..