On this week’s WSB radio show Ilyce discussed the economy, real estate market, how to make an elevator pitch and a road map for first-time investors. Then, Ilyce explains why you should never deed your house over to your kids and what’s the difference between a reverse mortgage and a home equity line of credit. Here are a few of the topics from this week’s show.

This week’s markets recap [1:30]
There was a time where what happened in the stock market accurately forecasted the economy. But that is clearly no longer the case. Listen for Ilyce’s take on the stock market, job market, gas prices and economy at large over the past week.

Caller question: How do I transfer a 403(b) into a stock investment vehicle? [12:30]
Roxanne is ready to invest in body-camera stocks but before she goes all in on one company, Ilyce explains indexed mutual funds and a broad market investment strategy. If you’re new to investing, listen for tips on opening an IRA. The vast majority of your retirement shouldn’t rest on one company and index mutual funds are a cheap, reliable investing method.

Caller question: Should I rent my house for a year so that I can deduct the home repairs I want to make? [21:46]
If it sounds fishy, it probably is. Carl wants to deduct the expenses from his taxes to repair his home and then turn around and sell it. But what he doesn’t realize is that when he sells the home as a primary residence, he can subtract the repairs and cost of sale from the sale price to pay less tax on his profits. In this case, it may be best to keep the house in primary ownership rather than shifting it into a rental property.

Caller question: My mom is aging so her house was transferred to us—I’m wondering about what the taxes will be after she passes? [47:51]
This is a big mistake that parents often make: deeding their house to the kids as they get older. It means that instead of inheriting the house after her death, you will have to pay taxes on it as if it was sold. If you can, deed the house back to her while she’s still living and create a trust with beneficiaries.

Caller question: Should I take out a reverse mortgage or a home equity line of credit? [50:31]
It all depends on the circumstances. For one, you can’t take out a reverse mortgage until you are 62 and own most of the equity in your house. Ilyce explains why a home equity line of credit may be a better deal for Denise and her husband Scott.

To hear more about reverse mortgages, refinancing and credit scores after bankruptcy, listen to this week’s show.

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