bspot
02-23-2011, 12:55 PM
Here's the story. I've got a rental property, in an average year it will barely make money (I'm negative on cash, but the amount of mortgage that gets paid down exceeds that cash).
Right now I own it in my corporation because I had one set up already and I was advised it could have slight advantages.
I'm not consulting anymore, so I have no reason to have the corporation besides the house. Accounting fees etc are pricey, and I no longer have any significant income to write off really.
Should I sell the house to myself personally? Or keep it in the corporation?
I'm at a really shitty rate on it right now and will likely be pulling a little bit in month to month in 2 years (but likely also have some expenses to eat that $ on renos)
Right now I own it in my corporation because I had one set up already and I was advised it could have slight advantages.
I'm not consulting anymore, so I have no reason to have the corporation besides the house. Accounting fees etc are pricey, and I no longer have any significant income to write off really.
Should I sell the house to myself personally? Or keep it in the corporation?
I'm at a really shitty rate on it right now and will likely be pulling a little bit in month to month in 2 years (but likely also have some expenses to eat that $ on renos)