Now we moved into the rental house as our primary house since last year of 2014 and by Sept. 2016 we will be living in this house for 2 years. are we qualify to get the 250k/500K if we sold this house since this house is a 1031 rental ? Is 2 years all we need to live there as our primary residence to qualify for the tax exemption ?
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You don’t have to claim this income on your. live in for more than 15 days a year. You use the property for more than 14 days OR 10% of the total days it was rented, whichever is greater. The IRS.
To do so, however, you need to understand the primary ways in which investment. You cannot swap your rental property for a.
In order to claim a home as a primary residence you have to live there for most of the year. You can’t claim a second home, a vacation home or a retirement home a primary residence unless you plan to live there most of the time. If the IRS audits you they will look for certain records to prove a home is a primary residence.
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I am an “accidental real estate investor” in that I lived in my condo more than 15 years, at which time my job relocated and I decided to rent. selling your condo] As a residential property, if you.
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If I live in my own home but also rent the other 3 rooms, can I consider this my primary residence or is it a rental property? I’m assuming it. jump to content.. Renting out 3/4 rooms of my home while living in it, still a primary residence?
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bottom line, with the lender you are working with, it is the underwriters call as to how they view the properties. I can understand where they are coming from even if you are living in the smaller home as your primary residence. And my opinion of your scenario is irrelevant – I’m not underwriting your application for a mortgage.
Hi, I wanted to know what the legal repercussions are of renting a home that you bought as your primary residence. My mortgage says that if I do this Hi, I wanted to know what the legal repercussions are of renting a home that you bought as your primary residence. My mortgage says that if I do this