for 2 years and move to another apartment for 2 years then convert it into condo, ( 2 townhouses) and sell it individual , do I just get owner occupy tax exemption on 1 unit or both.
Any body know how it work?
2007-03-17 04:08:37 · 2 answers · asked by goodluck.88888 3 in Business & Finance ➔ Renting & Real Estate
You own two units - you live in one unit. You are occupying one unit. One unit is for investment income and one unit is for your homeowners excemption because you live in it. If you move into the other unit, then your homeowners exemption drops from the first unit and you apply for it in the second one that you live in.
2007-03-24 04:28:23 · answer #1 · answered by annazzz1966 6 · 0⤊ 0⤋
No, I don't think so. The tax exemption is for a single family home, your primary residence. If you are converting it to condos or it's a duplex already, it is a different situation.
2007-03-17 04:12:23 · answer #2 · answered by Anonymous · 0⤊ 0⤋