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How does an LLC member guarantee a mortgage?

Profile picture for AMT0402

A single member LLC is in the business of "renting properties".  One property was recently foreclosed.  The 1099-A is in the name of the individual and has the individuals ssn.  I'm wondering, if the mortgage was guaranteed by the member, can it be reported on the business return (Form 1120S)?  Or does this even matter. 

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March 15 2011 - North Buckhead
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Answers (2)

Profile picture for MortgagePlannerMike
It's a good question, but best to left with the Tax Professionals.
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March 15 2011
Profile picture for RainerRR
You should touch base with an accountant or tax attorney for a good and proper answer.  Most of the pros that answer on this site are not allowed to offer tax or legal advice like this.

Best of luck!
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March 15 2011
 

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QuestionHow does an LLC member guarantee a mortgage?
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