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- HELOC used for Scorp
HELOC used for Scorp
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michele
Level 7
02-13-2024
12:05 PM
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Client took out $200,00 + heloc to fund new business that is a scorp.. The business had been making the payments directly to bank. Can tracing rules apply and not be considered loan from shareholder and not have to show as loan from shareholder and not have to issue shareholder a 1099 int. Trying to figure the best way for this new client. They did put in a sizeable amount of their own cash for equity but still trying to straighten out this mess.
thx
Michele
1 Comment 1
Strongsilence-C
Level 10
02-14-2024
07:47 AM
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Equity vs Loan is partly a question of intent. What is the intention of the owner?
