Loan Question(s) For Property Purchase
Hey - I've asked about this previously but things have changed a little so here we go again.
I'm looking to purchase a piece of property adjacent to my own. I own my current home and property outright and am carrying very little debt (one car payment). My partner and I are both 65 and still operate our own business that makes about 100K annually. We have some money in various retirement accounts (IRAs, Roths, SEP) with a not too impressive amount in total (over $900K).
So my question is about how to purchase this property. We don't really want to dip into retirement money to buy it ($175K) so likely will take a loan against our home. To make the payments on the loan I am considering taking SS and using that to cover the mortgage. Right now we file our taxes jointly and the business income is in my name. Since I will be taking SS and my other income will impact whether or not I pay taxes on that income if I exceed X amount, can we switch the business income to my wife so as not to impact my SS income?
That's probably enough for now. Sorry about the novel.
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