You also can take the loss if you have other passive income or if you (or your spouse, if married) work in a real property trade or business and you materially participate in the rental.

It is important to remember that if you buy a single family home that you will live in for a while, consider living in it for 2 years before you sell because the IRS will allow you to exclude up to $250,000 of capital gain on your property from being taxed ($500,000 for married couples).

AGAIN FOR ALL OF THE SMARTIES....I AM WELL AWARE THAT A LANDLORD CANNOT DENY A TENANT BASED ON MARITAL STATUS AND should HAVE NO CARE IF TENANT IS MARRIED OR NOT.....HOWEVER I AM INTERESTED IN KNOWING WHAT FINANCIAL OBLIGATIONS COULD ARISE FROM THE DIVORCE PROCEEDINGS AND IF THOSE OBLIGATIONS WOULD AFFECT PT'S ABILITY TO PAY RENT BASED ON PROSPECTIVE TENANTS CURRENT INCOME.

You're getting married to this builder.

My son just got married to a German young lady and they teach it over there....her spending/saving habits are incredible.Re your questions, I'm far from an economist but from what I hear discussed, the real worry is having this situation get so bad that we are no longer used as the world's reserve currency.

Can only suggest you do NOT over look living with a tool, dating, before you decide to get married to it by moving a bunch of tenants over.   

Single $250,000 gain or married $500,000.  

My husband and I met in the Coast Guard, married and just had our first baby.

I've also considered investing in property outside of NYC, but it's more intimidating and I'm not even sure I should be one doing that, as I'm relatively young (28), not wealthy at all, not married, and am just beginning to build up my savings. 

If you have lived in a home as your primary residence for two out of the five years preceding the home's sale, the IRS lets you exempt $250,000 in profit, or $500,000 if married and filing jointly, from capital gains taxes.