A 9-Part Guide To Tax Planning For Homeowners

0
1798

Part 7 – Occupancy Does Not Need To Be Non-Stop

A 9-Part Guide To Tax Planning For Homeowners

  • www.zillow.com

Remember, you have to have lived there for two of the last five years. So, you may rent the property for three of those five years. Also, the occupancy time does not have to be non-stop. You can live in the property for the year, rent it out for three years and return to live there for a year to meet the requirement. How you set it up depends on the situation. If you end up taking a cruise for example that lasts for an extended period, the vacation you’re on will most likely not affect your home’s occupancy status.

However, if you end up taking over a year’s worth of leave of absence from work and relocate to a different country during the time without renting the home, it could be viewed as unoccupied time on the property. You won’t want to lose out on the two-of-five year rule just because you weren’t around a few days. If you are unsure, decide on a couple of days instead of 2 years or more.

PrevSlide 8 of 10Next
Click The ← → (arrow) keys

  • Click Here To Read The Magazine

Local Real Estate



More From Our Network


NO COMMENTS

LEAVE A REPLY

CommentLuv badge