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bubbynbird
Level 1

Asset

Hi all,

My client secured a loan on her primary residence solely for her business. I do not have the closing documents (purchase in 1981 and subsequently paid off prior to securing the loan for business). What figure should I use when adding this to the balance sheet? Assessed value?

Thank you!

 

1 Comment 1
Rustler
Level 15

Asset

The loan is most likely a personal loan on the property, as a result the loan is not part of the business books.  Show the deposit as owner equity investment, then spend it

 

But no, you never use assessed value for a loan

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