I have a carwash that I was fortunate to get a SBA loan on. The car wash is in colorado. My father lives in oregon and is retired. He want's to know if he paid off the loan and became my personal lender what tax ramifications would he have? I have had this carwash since last Feb. It is of course under a LLC with me as a member. He says that the mortgage payment that I make to the bank would cover his expectations for the money he pulled from his IRA as long as he could avoid paying any additional taxes than he is expected to pay from his IRA. Is it possible to do this or not?
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