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Questions tagged [primary-residence]

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6
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0answers
63 views

Will Poland tax my SIPP?

I am UK resident for tax purposes and have a SIPP. If I become resident in Poland for tax purposes then will Poland tax my SIPP? If so then in what way? My SIPP holds a single fund which does not pay ...
2
votes
0answers
59 views

Selling a portion of a co-op and taking full 250k deduction?

I an single and own a 3-bedroom 2-floor co-op in NYC... the result of a combination of two units. If I separate the duplex into two separate units and sell one (while keeping the other as my primary ...
-1
votes
1answer
91 views

How to prove primary residence if living abroad?

We live abroad. If we would sell out primary residence in another year or two, how to prove that it is our primary residence so we are exempt from tax on the sale? Currently, we are renting it out to ...
0
votes
1answer
92 views

Under present law will I have to pay capital gains tax after living in a primary residence two years? [closed]

I am going to move into a home this year 2018 which I have owned for 6 years but leased out (initially to family members and later to general tenants). We plan to live in the home as our primary ...
4
votes
1answer
97 views

What if we don't end up occupying a property on time, bought as a primary residence?

We have an offer on a property we intend to live in as a primary residence. It's normal for these loans to want occupancy within 60 days. In this case the seller wants to rent back for roughly 50 ...
3
votes
3answers
586 views

How did the IRS know that Boris Johnson sold his house?

According to several articles, Boris Johnson, the British foreign minister who was born in the U.S., was hounded by the IRS for taxes on the sale of his house in the U.K. For example here: https://...
2
votes
1answer
154 views

What are the consequences of not claiming a home you own as a “primary residence”?

I am single and live with my parents. We currently rent out. My parents want to buy a house that is about 150 miles from our current residence and my workplace. They do not have any income. Supposing ...
4
votes
2answers
177 views

Is a “primary residence” the place where you live most of the time?

Suppose Susan works in NYC and rents out a small apartment there. She wants to buy a large house out in Pennsylvania. In order to get the best mortgage and tax rate she needs to claim her Pennsylvania ...
1
vote
0answers
75 views

Am I eligible for capital gains exclusion if I converted home to rental property due to unforeseen circumstances?

I bought my home in December 2014 and lived in it until October 2016. Due to my mother-in-law's illness, in October 2016 we converted our property to a rental property and moved to another city to ...
1
vote
1answer
158 views

Does the CRA reprieve those who have to commute for work?

Suppose that for some reason (family connections, unaffordability, ...) someone lives in a town a train ride away from one of Canada's expensive cities (Toronto, Vanvouver). He makes most or all of ...
2
votes
2answers
352 views

In USA, what circumstances (if any) make it illegal for a homeless person to “rent” an address?

I retired in 2014, sold my house (in USA) and hit the road. I spend much more time out of USA than in it. But I don't stay in one place long enough to justify telling people/businesses a new address....
4
votes
1answer
197 views

Principal Residence & no gifting tax = loophole? (Canada)

Here is a hypothetical scenario I was discussing with someone today that I think seems fishy, but I can't find much info on. An adult gives money to his 20 year old kid to buy a house as a gift. The ...
3
votes
2answers
137 views

700k capital gain on primary residence sale. How will I be taxed?

I am married and should qualify for the joint 500k exemption for primary residences. Assuming a 100k/year income, my question is if the IRS will consider our income to be 300k or 800k for the year? ...
2
votes
3answers
2k views

Possible to avoid state taxes by not having a fixed residence?

If a person lives in any given state for less than 4 months each year, can they avoid paying state income taxes? Is there a federal law that requires a citizen to be a resident of a particular state? ...
4
votes
1answer
2k views

Still list parents' house as permanent residence while renting apartment

I just graduated from college and plan on renting an apartment in NYC to commute to work in NJ. However, I've been listing my parents' home in New Jersey as my permanent residence. Can I still show my ...
0
votes
1answer
157 views

Purchase a home as primary residence but rent it until current lease is up

If I purchase a home as a primary residence, how can I rent it out until my current apartment lease is up (about 1 year)? My intent is to use it as a primary residence, just not within the 60 days ...
3
votes
1answer
157 views

How much CGT due after moving and renting out primary residence in Australia?

I currently live in my primary residence with an outstanding mortgage, but will be moving out and relocating for work in a few months time. The initial post is for 2 years but may be extended ...
5
votes
1answer
362 views

Living and Working in different states than resident states

My husband and I are in a quandary. We were TX residents with drivers licenses and vehicles registered in that state (but no real property). We purchased a 5th Wheel that we live in full time. We ...
3
votes
2answers
129 views

What to look for when evaluating a mortgage lender?

When evaluating mortgage offers in the US for a primary residence, obviously the rate and fees is important to consider as it impacts the bottom line. Having a lender who is responsive when trying to ...
6
votes
1answer
3k views

How to change state residence for tax purposes as a “digital nomad”

I am currently paying taxes as a Kansas resident because this is where I last had a steady "home." But the last 2 years I've been a so-called "digital nomad", and have spent less than 10% of the year ...
4
votes
2answers
510 views

Fixed versus adjustable rate mortgages for short duration ownership

I am planning on buy a house in the US. I expect to use the own the home as my primary residence for 5 years and then use it as a rental property. I think that means I will have to refinance after 5 ...
0
votes
1answer
586 views

Tax residency options for Australian overseas with no fixed residence?

I am an Australian citizen and work remotely for an Australian company. My pay goes into an Australian bank account and I also have a mortgage (actually a line of credit) on an Australian property. ...
2
votes
1answer
1k views

First time home-buyer incentives require 3 years of primary residence, but can I move if I'm laid off?

My wife and I are 25-months into an FHA loan (we received a first time home buyer tax credit), and I seem to recall that we cannot sell or rent the property for at least 36-months. That wasn't a ...
2
votes
1answer
1k views

Can a loss on the sale of my house offset capital gains tax from stock options?

I've lost a bunch of value on my primary residence. I've got a bunch of vested stock options that, when exercised/sold, will be a substantial capital gains. If I sold my house the same year I ...
10
votes
5answers
11k views

Making higher payments on primary residence mortgage or rental?

I just purchased a new home (owe about 310,000) at a rate of 5%. I kept my previous house as a rental (owe about 104,000) which has a rate of 4.35%. I have a bit more cash I can put down on a ...
15
votes
1answer
366 views

At what point did my former primary residence become an income property?

Last year we bought another house (and moved into it as our primary residence). Rather than sell our previous house, we opted to keep it and rent it out. Since the tax treatment for rentals is ...