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Updated about 8 years ago,

Account Closed
  • Missouri City, TX
0
Votes |
1
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Renting Rooms in Primary Residence

Account Closed
  • Missouri City, TX
Posted

Hello everyone, first post on the website. 

I just recently purchased my first property in Houston (325k), 3 bedroom 3.5 Bathroom.

I am a single guy, so I will be renting the two rooms of the house to two friends.  

Pros: Deductions (from my research this is the list i came up with, obviously I will have percentages since my portion is not deductible)

HOA, Utilities, Cable, 1st year purchases of shared furniture / washing machines, depreciation, interest, repairs on roommate areas, and property taxes.

Cons: When I sell, I will have to pay capital gains on a portion of the property, 

One of my questions is, if after lets say two years, i decide to stop renting out rooms will I no longer have to pay capital gains?

Overall, It would be very helpful if I can get some insight on how somebody has handled this situation.

Thanks!

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