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Updated over 6 years ago,

User Stats

35
Posts
14
Votes
Micah Carter
  • North Carolina
14
Votes |
35
Posts

Primary Residence to Investment Property

Micah Carter
  • North Carolina
Posted

Hey guys, my wife and I are purchasing our first home. It is currently tenant occupied and we plan to let the tenants stay for 3-6 months after we close. We are also considering letting the tenants stay a full year because our current living situation is great and cheaper than what our monthly mortgage would be. 

Since we are receiving a residential loan from a bank, how would it work if we let the tenants stay a full year? I know the IRS requires you to stay in the home for the majority of a year to consider it your primary residence. Do we have to move into the home for tax purposes or could we continue to rent & hold this home as our primary? Would I need to refinance if we decided not to move into the home but keep renting it?

Any advice on this would be rock solid!

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