I work full time in california but don't own a house here. I would like to buy a house out of state and claim it as my primary home. I will be going there quite often and stay there on the weekends as much as possible. Can the out of state qualify as a primary house for tax deduction purposes?
2007-03-20 07:19:17 · 3 answers · asked by gecko 542000 1 in Business & Finance ➔ Renting & Real Estate
Primary residence is 6 months and one day for income tax reporting purposes. Check with the irs.gov website for more info. Your out of state earnings tax liability could change the whole tax thing for you.
Be careful. Check with an expert.
2007-03-20 07:23:04 · answer #1 · answered by Tellin' U Da Truth! 7 · 0⤊ 0⤋
I believe you can not lenders would look at this more s a second home and sone as investment property.
Think about this you live in California and you purchase a hone in Neveda for arguement sake.The lenders will look at this first of all the commute time involved your are talking about primary resident where you reside and commute to work and a second home is usally looked at 60 miles away from the primary home factors involved home by the sea ,lake mountains and not where most of your time is spent.
Some homes are investment properties where they are rented out.I hope this helps.I would look into State guidelines and federal guidelines for homestead exceptions
2007-03-20 14:31:58 · answer #2 · answered by al s 1 · 0⤊ 0⤋
can you do any work out of your home?
The primary residence will have to be the place where you get you pay checks and w-2's, bank statements etc.. Your primary on your tax return ought to match up with the address your employer puts on your w-2 or 1099
2007-03-20 14:40:04 · answer #3 · answered by Daniel N 2 · 0⤊ 0⤋