so we have a finished rental that needs some rear exterior work in one llc1 and another property that needs a full renovation in another llc2. both no debt. so we want to bring on a partner in the first llc1 to help finance the rear exterior work & full reno. work . Can llc1 pay its % of the loan from llc1 acct since loan is for work on rental & collateralized by rental - operating cost/repair? or total loan payment still considered a deduction - full loan payment from llc would be viewed as payments to the guarantor partner...?
Hi Alex, Welcome to our Community! I am positive that members of our Community will chip in with their suggestions soon.
I would also suggest that you approach your local tax consultant for his opinion on this specific query as it is related to Taxation the laws may be different from state to state.
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