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L
lw06880
Level 3
December 7, 2022
Question

Does the mortgage of a rental property owned by an LLC go on the Balance Sheet (Sch L), when the mortgage is in the name of the married partners (not the LLC)?

  • December 7, 2022
  • 1 reply
  • 8 views
If not, where is the liability entered?  Is it in a capital account?
This topic has been closed for replies.

1 reply

sjrcpa
sjrcpa
Level 15
December 7, 2022

If the mortgage is in the owners' names. is the real estate, too?

The more I know the more I don’t know.
    L
    lw06880Author
    Level 3
    December 7, 2022

    No, house was bought by the LLC, so asset belongs on Sch L (over $1m). Mortgage is in partners names (married couple). Just don't know how to show the liability?  TY

    T
    TaxGuyBill
    Level 15
    December 7, 2022

    The LLC doesn't have a mortgage. 

    Did the LLC members contribute the money to the Partnership (capital contribution), or did they make a loan to the Partnership (loan from partner)?

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