Geelong Money, Twitter, Jill discussed on Bluewater Radio
Follow Jill on Twitter and Instagram for more, personal finance content. Just use the handle at Geelong money. Now back to the show. Year back with jail on money. If you've got a financial question now, I mean financial question really covers a lot. It can be a tax question. Retirement question of college planning question. Maybe you're comparing two different job offers. Maybe it's a question about marriage. Maybe it's a question about estate planning all those things we talk about all this stuff. And if I don't know the answer. Be very clear that I will be happy happy more than happy. As a matter of fact to tell you, I don't know and maybe find out for you. So give us a holler. Today's a very strange day. Mark a number of I'm just getting a number of cancellations. We had someone who didn't show up for an interview today. Now, I find out the person who was supposed to do my hair because I supposed to go away and do a business thing not available. You know, I'm just gonna figure it out people screwing with me big time. I'm going to be flexible though, okay? Here's Brett who writes, I don't know if this idea is crazier, smart, my wife, and I bought a house. He wrote that I didn't say that. I was not my ad-lib, my wife, and I bought a house at the very bottom of the market in twenty eleven we paid one hundred seventy thousand dollars. It's now worth three hundred twenty grand. We spent this last seven years paying it off. We have about fifteen thousand dollars left, and we're going to have that paid off in a few months. We want to turn it into a rental in the next few years. I heard some time in the past that people put rentals into a corporation, and then they sell the house to the corporation in essence, we would capture the gains of what I think is the top of the market. We could then right alone for the corporation or even have signed a promissory note back to us. Then when we rented out the income would be tax free. What he think I think this is a cockamamie scheme. I don't know anything about this. But I can tell you is it sounds to me like it's very easy. All you need to do is talk to I I we talked to a tax professional who has real estate expertise. But I really would think about this. Are you sure you want to make it a rental where else are you gonna live? And if you put the rental into the corporation. You got a former corporation and then. If you own that corporation, and you sell it to yourself. I have a sneaking suspicion that the IRS is not going to be psyched about that. Just thinking. Anyway, I think it's probably not possible. And in when you have to jump through all these hoops to do things like this. It always makes me feel uncomfortable. Here's another real estate question. It's about ten thirty one. Oh, no. It's not. I thought it was ten thirty five ten thirty.