Skip to main content
Level 2
March 23, 2022
Solved

Recording Cash Received in Refinance Cash out in a 1065

  • March 23, 2022
  • 2 replies
  • 13 views

Where do I record a cash inflow from a refinance on the 1065. Is it Income on Books not on Tax return or do I add it to each shareholders basis ?

This topic has been closed for replies.
Best answer by qbteachmt

It's proceeds from the new Debt; not Income. Think of that amount as an additional Loan amount, but rolled into the ReFi debt.

2 replies

qbteachmt
qbteachmtAnswer
Level 15
March 23, 2022

It's proceeds from the new Debt; not Income. Think of that amount as an additional Loan amount, but rolled into the ReFi debt.

Don't yell at us; we're volunteers
dascpa
Level 11
March 23, 2022

If a loan refi why isn't it a balance sheet item?  Debit cash, credit note payable.