What should go in Loan Docs LLC Tax-ID or personal SS#

Financing, Hard Money Lenders, Private Money
1

What number should I put to report the interest paid on a property?

2

Hi,

How are you vesting title?

       GR
3

The loan is in my name, but the lender will let me transfer title of the property to an LLC.

4

Hi,

Transfer or vest it in the name of LLC at closing?

      GR
5

When I put it under the LLC and when tax time comes, how will I get credit for the interest if it is not under my SS#. Can I use the interest credit even if it is under the LLC tax ID?

6

Hi,

If you are closing an escrow of a property in your name then use your social security number!

If your closing in your name then transfering title a week or a month later, then use your social security number!

If you are buying a property and vesting title at closing in your LLC’s name then use the LLC’s EIN (Employer Identification Number) number to close escrow.

An LLC is a flow through entity so whether a EIN or a Social Security number is used all income and expense will flow through to your personal tax return!

                         GR
7

Thanks for your help.

8

LLC’s don’t. Always pass through. I think LLC laws might vary by state but I have the option for other tax structures.
I would venture to guess most of us use pass through though.