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Updated over 12 years ago on . Most recent reply

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20
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2
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George Eliot
  • Orange, CA
2
Votes |
20
Posts

Significance of "principal residence" question on QuitClaim deed?

George Eliot
  • Orange, CA
Posted

Hi everyone,

I'm a soon-to-be first time homeowner once my father gives me a house he owns via a quitclaim deed. I am just wondering if there are any legal/financial (as far as taxes go) implications in answering "Yes" or "No" for "This property is intended as my principal residence."

I am planning on renting it once I make a few improvements on it, so should I select "No"? I am concerned because in case I want to sell the house at some point, I'd like to reduce my capital gains taxes as much as possible.

Thanks very much for any advice you can give.

Most Popular Reply

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13,450
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8,349
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Steve Babiak
  • Real Estate Investor
  • Audubon, PA
8,349
Votes |
13,450
Posts
Steve Babiak
  • Real Estate Investor
  • Audubon, PA
Replied

A principal residence can get a homestead discount on the property taxes in some jurisdictions. You're starting to let some money interfere with honesty here ...

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