What would be the best way to rent? If I rent through a property management company, does that change the status of my house to a rental property? The How does this affect my tax exemptions?
2006-08-26 18:06:48 · 3 answers · asked by Grand H 1 in Business & Finance ➔ Renting & Real Estate
So long as you have lived in your house for 24 months of the previous 60 by the time you sell it, you will be exempted from an amount of capital gains tax on the sale.
2006-08-26 18:35:13 · answer #1 · answered by Freddie 3 · 0⤊ 0⤋
The headache free way to do it would be to use a property management company, although they will typically take 15-20% of the rent for their fee. Keep in mind that you will have to declare the rental payments as income and pay taxes on them.
2006-08-28 05:24:05 · answer #2 · answered by Robin A. 3 · 0⤊ 0⤋
If your house is rented out, it's no longer your primary residence. You will still get the mortgage tax deductions.
2006-08-26 18:13:53 · answer #3 · answered by Anonymous · 0⤊ 0⤋