1. Agree, corporate and personal things should be kept separately.
2. John and his LLC, in this case, have a debtor-creditor relationship. A promissory note or something similar would serve the need.
3. Regarding tax deduction, it seems no problem for the LLC but for John, the individual, how is he going to handle it?
John pays interest expense to a bank where he took out his HELOC, and receives 1099-int from his own LLC. The question is where he’ll report these 2 items on his personal return? Report 1099-int (from his LLC) on his schedule B, while report interest expense (to the bank) on his schedule C?
Can someone here who knows the stuff please help?
2. John and his LLC, in this case, have a debtor-creditor relationship. A promissory note or something similar would serve the need.
3. Regarding tax deduction, it seems no problem for the LLC but for John, the individual, how is he going to handle it?
John pays interest expense to a bank where he took out his HELOC, and receives 1099-int from his own LLC. The question is where he’ll report these 2 items on his personal return? Report 1099-int (from his LLC) on his schedule B, while report interest expense (to the bank) on his schedule C?
Can someone here who knows the stuff please help?
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