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Updated almost 8 years ago on . presented by

Account Closed
  • Investor
  • Clifton, NJ
54
Votes |
53
Posts

Moving out of 2 family, what are my tax ramifications?

Account Closed
  • Investor
  • Clifton, NJ
Posted
Hey BP! I'm a fledgling investor in North Jersey who is moving out of his two family and into a 'forever home' in another county. Obviously, I'm going to keep my multi family and rent it out. My question is what are my tax ramifications? I've lived in the house for about 4.5 years, and I have an FHA loan. I don't expect much appreciation in my neighborhood, but there is probably some, and some forced appreciation. Since this will no longer be my primary residence, what happens to my tax free appreciation for a primary residence? Or was I never entitled because it's a multi family? Seems like a simple question so I thought someone on here could clarify. I'm clearly clueless! Thanks!