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Recording Cash Received in Refinance Cash out in a 1065

Brad22
Level 2

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 ?

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qbteachmt
Level 15

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

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2 Comments 2
qbteachmt
Level 15

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

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Don't yell at us; we're volunteers
dascpa
Level 11

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