All Forum Posts by: Sam Y.

Nevermind, read about the change made effective after 2009.  Living there just 2 years will qualify only a small percentage of capital gains exclusion.

I have a condo that I want to sell.  Owned more than 5 years, never owner occupied.  I want to claim the condo as my primary residence and keep current residence as a second/vacation home.  

Reading publication 523- Selling your home.  There are eligibility requirements- 

"The more of these factors that are true of a home, the more likely that it is your main home.

• The address listed on your:
  1. U.S. Postal Service address,
  2. Voter Registration Card,
  3. Federal and state tax returns, and
  4. Driver's license or car registration.

• The home is near:
  1. Where you work,
  2. Where you bank,
  3. The residence of one or more family members, and
  4. Recreational clubs or religious organizations of which you are a member."

Has anyone gone thru this- sold a converted rental to main residence while maintaining more than 1 property and provide some insight/experience?  I will have 2 homes for the next 2 years and split living in both.  

Since I will be owning and maintaining both properties, I will have utilities/bills going to each respective properties.  

How much proof is required and who determines it? I can change my driver's license/registration, voter registration and change property tax to go to condo- is that enough?  

Also, property tax.  Just paid for both last month.  I did take the exemption for the property I'm currently living in.  It looks like I missed out for this year for the condo, might that delay meeting the eligibility requirements?  I will document the date the condo is converted from rental to owner occupied for tax filing purposes.  

The California Constitution provides a $7,000 reduction in the taxable value for a qualifying owner-occupied home. The home must have been the principal place of residence of the owner on the lien date, January 1st.

To claim the exemption, the homeowner must make a one-time filing with the county assessor where the property is located. The claim form, BOE-266, Claim for Homeowners' Property Tax Exemption, is available from the county assessor.

A person filing for the first time on a property may file anytime after the property or claimant becomes eligible, but no later than February 15 to receive the full exemption for that year."

Thanks!

hi basit siddiqi, i only deduct property tax and hoa fees plus depreciation for this property and report $18000/yr as rental income.  

my federal tax rate is 24%, state nearly 10%  

i'd rather not depreciate and NOT report if i don't have to.  i take depreciation on a triplex rental property

am i reading the above correctly?- that if the property is a main home (for relative),used for personal use and rented less than 15 days- the rent is NOT included in my income?

adding per publication 527- property is being used for personal use and is the main home of family member.

i went thru an interactive tax assistant (IRS site) -

Is my residential rental income taxable and/or are my expenses deductible?

Since your rental property meets the dwelling unit used as a home requirement and was rented for less than 15 days, do not include any of the rent in your income.

Hi, here is my dilemma.  

i have a paid off property that i've been "renting" to a family member since 2014.  file a schedule e every year and take depreciation but thinking that may be wrong.  since the property is paid off, i only pay for and deduct the property tax, hoa  and depreciation.

can i- claim the property as a second home instead, stop taking depreciation and stop reporting the below market rent as income?  i don't have a mortgage and family member does own minor repairs.  

i want to sell the property in the near future- 1 to 4 years.  i'd rather stop taking the yearly depreciation and avoid the depreciation recapture.

i have a regular w-2 job and another triplex that i do manage and rent at market rate.

hi, i've been a lil'landlord for over 10 years but never had two vacancies in two units in the same year.  i have 3 rental units in total. 

i'm starting my 2016 taxes and am stumped.  how do i answer: days rental was actually rented and days rental was offered for rent but not rented.  

one unit was vacant for 30 days but rent-able for 21 days, the other for 2 months- for repairs and improvements done on after my w2 job.  

am i supposed to add the total days that each individual units stayed vacant?  seems wrong....

thanks in advance.