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Updated about 3 years ago,
eligibility requirement- change rental to owner occupy to sell
I have a condo that I want to sell. Owned more than 5 years, never owner occupied. I want to claim the condo as my primary residence and keep current residence as a second/vacation home.
Reading publication 523- Selling your home. There are eligibility requirements-
"The more of these factors that are true of a home, the more likely that it is your main home.
- The address listed on your:
- U.S. Postal Service address,
- Voter Registration Card,
- Federal and state tax returns, and
- Driver's license or car registration.
- The home is near:
- Where you work,
- Where you bank,
- The residence of one or more family members, and
- Recreational clubs or religious organizations of which you are a member."
Has anyone gone thru this- sold a converted rental to main residence while maintaining more than 1 property and provide some insight/experience? I will have 2 homes for the next 2 years and split living in both.
Since I will be owning and maintaining both properties, I will have utilities/bills going to each respective properties.
How much proof is required and who determines it? I can change my driver's license/registration, voter registration and change property tax to go to condo- is that enough?
Also, property tax. Just paid for both last month. I did take the exemption for the property I'm currently living in. It looks like I missed out for this year for the condo, might that delay meeting the eligibility requirements? I will document the date the condo is converted from rental to owner occupied for tax filing purposes.
"Homeowners' ExemptionThe California Constitution provides a $7,000 reduction in the taxable value for a qualifying owner-occupied home. The home must have been the principal place of residence of the owner on the lien date, January 1st.
To claim the exemption, the homeowner must make a one-time filing with the county assessor where the property is located. The claim form, BOE-266, Claim for Homeowners' Property Tax Exemption, is available from the county assessor.
A person filing for the first time on a property may file anytime after the property or claimant becomes eligible, but no later than February 15 to receive the full exemption for that year."
Thanks!