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October 26, 2022
Question

One company assuming a loan from another company...

  • October 26, 2022
  • 6 replies
  • 54 views

I recently purchased a new home and I'm using my previous home as a rental. The loan is still in my personal company but I have set up an LLC for my rental property. Is there a way for my new LLC company in Quickbooks to essentially assume the loan and escrow account on the rental property from my personal company? I know I can't just delete the debt/loan but I'm hoping there is some way to transfer it to my other company.

6 replies

Rainflurry
Level 11
October 26, 2022

@philipawood 

 

What are the entities of each company?  Is your 'personal company' a sole proprietorship?  How about your LLC - is it taxed as a sole proprietorship or a corporation? 

October 28, 2022
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