Questions tagged [primary-residence]

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How much savings do home mortgage lenders expect borrowers to have after closing?

When applying for a mortgage as purchasing a home, there's lots said about expectations of down payment and monthly payment amounts, in terms of LTV, debt-to-income, and so forth. What's less broadly ...
Phil Miller's user avatar
1 vote
2 answers
119 views

Can you choose to pay tax twice under a double-taxation agreement?

I'm finding myself in a very unusual situation where I want to opt to claim tax residency in both Portugal and the UK, while there is a double-taxation treaty in place. I want to stay in the UK for ...
TimY's user avatar
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12 votes
3 answers
4k views

As a non-1031 house seller, why do I care if the buyer wants to do a 1031 exchange

I currently have my house listed for sale. A potential buyer came by today, liked the property and, as he was leaving, asked if I would sell as part of a 1031 exchange. I understand why he would want ...
Dave D's user avatar
  • 223
0 votes
1 answer
84 views

Am I French Tax Resident?

I moved to London from Paris in March 2021 while my wife and son are still in Paris. I was assuming that I am a UK resident for tax purposes till I came across "the definition of 'domicile fiscal'...
FunkyPhyzz's user avatar
1 vote
2 answers
219 views

Self Directed IRA take over current mortgage?

My family and I currently live in a townhome. We are interested in buying a single family home which will be our primary residence. We would like to keep this home and rent it out as an investment ...
Gabriel Pumple's user avatar
0 votes
1 answer
108 views

Refinancing a house in USA from investment property to primary residence tax issues

I am buying a house (I live in USA and this whole question is about tax situation in USA). But it used to be someone’s investment property and comes with the addendum that current tenants get to live ...
Gaurav's user avatar
  • 3
3 votes
0 answers
78 views

Capital gains tax in Georgia

I have a property in Atlanta, Georgia that I am about to sell. I used to live in this house for 5 years until I moved out of state last year. Because this was my principal residence for more than 2 of ...
Mishal Ahmed's user avatar
1 vote
2 answers
107 views

I plan on working for a US company from abroad for three months. Do I need a US address at this time to remain a tax resident of my state?

I am considering spending three months abroad while working remotely. While I plan on returning to my current state (New Jersey), I do not want to continue to pay rent when I'm not here, which means I ...
user101926's user avatar
1 vote
0 answers
51 views

Two year rule for excluding long term capital gains from the sale of my primary residence

I have two homes I live in equally. I travel between the two weekly. I spend 3 nights in one and 4 nights in the other and then flip that. Sometimes I stay a week to ten days in either of them at a ...
King Ted's user avatar
1 vote
1 answer
110 views

Bought first home in another state while renting and working in another state ( bought in New York while renting in Connecticut)

I bought a house with my father in New York City while I live and work in Hartford Connecticut and I'm not sure where I need to file taxes as considering my primary residence. I appreciate your advice!...
Kushan L Perera's user avatar
2 votes
1 answer
98 views

What is the tax liability on a Primary Residence that was turned over as Deed in Lieu?

2010: Home was purchased in New Mexico, USA. Negligible down payment. PMI included. Price $152k 2019: Attempted short sale due to hardship (moving to a new city after losing job). Short sale ...
Michael Richardson's user avatar
0 votes
3 answers
160 views

Sell house after exceeding capital gains exclusion?

Let's say that the value of your house has increased by more than the amount of the capital gains exclusion ($500k for married and $250k for single), and you otherwise meet all the criteria to exclude ...
minou's user avatar
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1 vote
2 answers
9k views

Can I use a property I own as a permanent mailing address even if I'm renting it to someone else?

This SE is the most applicable I think because it is in the context of business (renting) and personal finance (permanent address) logistics, even if mainly about mail. A friend bought a property in ...
cr0's user avatar
  • 287
3 votes
0 answers
57 views

Capital Gains Tax and Main Residence

If I changed my main residence 4 years ago, but did not inform HMRC, then can i register for the dates i actually changed my main residence when i sell my older property, in order to avoid paying more ...
user avatar
8 votes
2 answers
236 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 ...
cja's user avatar
  • 175
2 votes
0 answers
65 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 ...
Mike's user avatar
  • 21
-1 votes
1 answer
811 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 ...
user1422331's user avatar
0 votes
1 answer
107 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 ...
Dave Schaaf's user avatar
4 votes
1 answer
178 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 ...
Matthew's user avatar
  • 3,150
3 votes
3 answers
1k 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://...
CodyBugstein's user avatar
  • 1,290
2 votes
1 answer
238 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 ...
AbuMariam's user avatar
  • 736
4 votes
2 answers
298 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 ...
AbuMariam's user avatar
  • 736
1 vote
0 answers
92 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 ...
user1359256's user avatar
1 vote
1 answer
438 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 ...
Sebastian's user avatar
  • 161
7 votes
4 answers
1k 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....
WGroleau's user avatar
  • 997
4 votes
1 answer
284 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 ...
guest12345's user avatar
2 votes
2 answers
163 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? ...
user53986's user avatar
4 votes
3 answers
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? ...
Five Bagger's user avatar
  • 9,785
3 votes
1 answer
5k 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 ...
TheFooh's user avatar
  • 31
0 votes
1 answer
275 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 ...
William James's user avatar
3 votes
1 answer
201 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 ...
user avatar
5 votes
1 answer
422 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 ...
Pat Fuller's user avatar
3 votes
2 answers
155 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 ...
StrongBad's user avatar
  • 1,143
8 votes
1 answer
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 ...
Flimzy's user avatar
  • 965
4 votes
2 answers
531 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 ...
StrongBad's user avatar
  • 1,143
0 votes
1 answer
632 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. ...
Barry's user avatar
  • 11
2 votes
1 answer
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 ...
anonymous's user avatar
3 votes
1 answer
2k 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 ...
Adam Berkan's user avatar
10 votes
5 answers
15k 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 ...
fjk's user avatar
  • 101
15 votes
1 answer
431 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 ...
mbhunter's user avatar
  • 24.7k