All Forum Posts by: Kyle Nacci

 Thanks for your reply, Joseph! Great, so you think even though we're no longer married and I won't have been there for 2 of the past 5 years when Sep 2025 rolls around, her still living there would mean we're both exempt? That'd be great if so!

Thanks for your reply, Chris! We first moved into the house in December 2018, and lived there together until we separated in early 2022. She's continued living there since and will most likely continue to do so indefinitely.

My ex-wife and I co-own a duplex in Providence. We're both on the deed but just I am on the mortgage. I haven't lived in the house since we separated at the beginning of 2022, and she has continued living in it, managing the property, collecting rent and paying the mortgage. I've spent most of my time in Austin since March of 2022, but didn't get a Texas license & registration until March of 2023 and haven't paid my taxes for this year yet (filed an extension).

The terms of our divorce state that my ex-wife will continue to act as owner of the house between now and September 1, 2025, and at that time we will divide our ownership of the duplex. At that time or any time afterwards, either of us can request to be bought out and - if the other party is unable to buy them out - force a sale.

By September 1, 2025, it will have been more than 3 years since I've moved out, but not more than 3 years since I got a Texas license & registration (not sure if that's what they'd look at for tax purposes), so my question is: if we sold at that time, will my ex-wife &/or I be exempt from paying capital gains tax? Or would one or both of us have to pay it?

Also, is the capital gains tax deducted from both of our profits at the time of the sale, or is it for me to pay when I file taxes? If the latter, am I correct to assume that I'd only owe capital gains tax on my half of the profit?

Hello,

My wife and I co-own a duplex and are seeking a divorce. She would like us to each own one of the units rather than selling. Both of us are on the title, and it’s just me on the mortgage. She doesn’t have the income to buy me out and refinance in her name. Utilities are already separate for each side, and I’ve talked to a lawyer about adding a clause that states that either of us can force a sale or buy the other out if one of us doesn’t pay their half of the mortgage, insurance and property tax.

My plan is to hire a property manager so that my ex and I don’t need to be in touch about anything related to the property other than when the day comes that we want to sell it. I’ve run the numbers and I think I can make about $1,500 of profit per month after mortgage, insurance, taxes and utilities have been paid and 10% has been paid to a property manager. Over the next 30 years I expect to make close to $1M (more if accounting for inflation) by renting and then selling in 30 years, whereas if we sold now I’d make at most $100K from the sale. So holding seems best financially.

However, a few friends and family have raised concerns about whether my ex and I continuing to co-own this property will cause a lot of stress for us over the years and make it difficult for us to maintain a healthy relationships with another partner. I’m struggling to understand that perspective because it seems to me like if I have a property manager, they would be the one to contact about anything related to both sides of the duplex, and I don’t foresee my ex and I needing to be in touch until the day comes when we want to sell.

Am I missing something? What would you do in this situation?

Hi all - I have a 5 bed / 2 bath unit in Providence, RI and I'm looking for a property manager to manage it for me. I'm now living out of state and looking for a property manager near Providence, RI so that they could be onsite for tours, etc.

So far we've been renting it out individual bedrooms on Airbnb and I'd prefer to continue renting bedrooms if possible because it seems like I can make more revenue that way, but I'm also open to renting out the entire unit if I have trouble finding a good property manager that's willing to rent individual bedrooms.

Does anyone know of a good property manager in or near Providence, RI or a good property management company serving that area? Or any tips on how to find a good property manager in general?

@David Browne @Robert Kincaid @Brian Hoy Thanks for your responses. Sounds like the consensus is that it will not have a substantial impact on our premium as long as it's part of the same claim, but we should expect them to cover anywhere near a year of lost rent. Appreciate your guidance!

@Joe Splitrock Thanks for the response, appreciate you sharing your perspective!

@Tim W. Ah ok, thanks for clarifying

@Tim W. Thanks for your response. In that case it sounds like if we want to determine what the impact on our premium could be we should reach out the underwriter, is that right?

Thanks for your responses, @Matthew Olszak & @Darius Ogloza. The property is located in Rhode Island. And just to clarify, does the fact that it's under the same claim mean that adding loss of income to the claim won't significantly increase our premium?