Recording Cash Received in Refinance Cash out in a 1065

[Brad22]

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 ?

[qbteachmt · Accepted solution]

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

[dascpa]

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