Title says it all, but my situation is a little different.
I have a company formed as an LLC with a business partner.
The house in question is under my name and so is the mortgage.
The house has been renovated and we're in the process of refinancing.
I was told the cashout amount we decide to pull out doesnt have to be reported
to the government. However, to make it look right, I have to report where I got
the money to pay off the mortgage since that was on our books from last year.
So, I really cant just say I now have $25,000 to pay off our original mortgage, or could I and not say a thing about the remaining amount of money.
I have a company formed as an LLC with a business partner.
The house in question is under my name and so is the mortgage.
The house has been renovated and we're in the process of refinancing.
I was told the cashout amount we decide to pull out doesnt have to be reported
to the government. However, to make it look right, I have to report where I got
the money to pay off the mortgage since that was on our books from last year.
So, I really cant just say I now have $25,000 to pay off our original mortgage, or could I and not say a thing about the remaining amount of money.
