Does a secondary owner of the house requires to live on the same residence?or can he still be able to live to other residence.
2007-02-06 11:22:23 · 8 answers · asked by Emmanuel B 2 in Business & Finance ➔ Renting & Real Estate
are you trying to ask if 2 people who own the same house can live in seperate locations for tax purposes if the home is sold for capital gains? If so, only the person who claims the home as the primary residence for 2 of 5 years can claim it to avoid the capital gain tax. The second party is simply an owner, and should not have much of a claim to mortgage interest (unless he claims it as rental property). I wish you luck
2007-02-06 11:28:10 · answer #1 · answered by Jen 5 · 0⤊ 0⤋
I think the reason you ask this is important in receiving a proper answer. But in general the secondary owner of a property does not have to live in the property.
2007-02-06 11:56:21 · answer #2 · answered by papricka w 5 · 0⤊ 0⤋
That would depend on your mortgage company and the type of mortgage you get. Generally, they should be satisfied if one person listed as the owner makes the house their primary residence.
2007-02-06 11:27:52 · answer #3 · answered by Brian G 6 · 0⤊ 0⤋
Hey
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------------------
Humphrey Mitchell
Co-Chairman/CEO
Turbo Financial Inc.
303 5th Avenue Suite 1809
New York, N.Y. 10016
Cell: (917) 337- 8670
Phone: (646) 492-0922
Fax: (212) 213 - 1257
Licenses mortgage bankers in NY, NJ, CT, CO, MD, IN and FL. We are direct lenders.
2007-02-06 14:01:19 · answer #4 · answered by REALTY EXPERT 1 · 0⤊ 1⤋
He can live in another residence. Are you in the state of California?
2007-02-06 11:25:48 · answer #5 · answered by Realagent21 1 · 0⤊ 0⤋
They are just on title. They don't have to live there. They just have an interest in the property. If there was an insurance claim or something, then their name would go on the check with you, and they are on the paperwork, but thats all. Good luck on the new home.
2007-02-06 11:26:37 · answer #6 · answered by kimmysue62 2 · 0⤊ 0⤋
Love the clowns that like to get free advertising for their businesses on this site! You guys are a joke! Hey Humphrey get a life!
2007-02-07 06:26:35 · answer #7 · answered by Paul V 6 · 0⤊ 0⤋
I dont understand the question. Your wanting to know "where" the process of buying a house starts or what?
2007-02-06 11:29:39 · answer #8 · answered by Anonguy 1 · 0⤊ 0⤋