Hi, I am a non-resident & non-citizen; have built a house and use as my only home when in the states. I & my fiansee plan to live out of the USA for about two years. Concerned about loss of benifits regarding capitol gains up to 250,000. So, if I rent-out the hose to an friend or whoever, and move back in two years and live in my home, because I am not a company can I still sell the house and qualify for the capitol gains program? And can I live in the house a year and then sell and still qualify for the no taxes up to $250,000.? Also, as an individual, we built the house ourselves. The market is down now but the cost of building and the sell price, the differance is what the taxes are based on. Right?
2007-12-05
12:44:43
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5 answers
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asked by
7toes
1
in
Renting & Real Estate