Costs/Negatives to transfer house deed from my business to personal ownership to get home equity loan?
dougsuessegger asked:
My business owns a home; and I want to transfer that home to myslef, in my own name. The home is paid-off. This will allow me to take out a home-equity loan. Are there costs/tax rammifications? Is there a negative I cannot currently detect? Thank you so much.
My business owns a home; and I want to transfer that home to myslef, in my own name. The home is paid-off. This will allow me to take out a home-equity loan. Are there costs/tax rammifications? Is there a negative I cannot currently detect? Thank you so much.
August 19, 2008
• Tags: Business Ownership, Home Equity Loan, Loan Business, Personal Loan, Personal Ownership • Posted in: Renting & Real Estate
One Response to “Costs/Negatives to transfer house deed from my business to personal ownership to get home equity loan?”
The bank won’t loan on a house in your business name . You are getting a mortgage and it will have to be your mortgage; not the business’. You get a tax deduction for the loan. You must make the payments. Very simple. .