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Converting a rental property into a primary residence is a significant financial move with potential tax implications that necessitate careful planning. By leveraging tools like Section 121 of the ...
Seven years ago, while visiting Ohio, Hogarth Louis discovered a great opportunity: investing in rental property. For Louis, a New York City resident, there were […]
To calculate the loss on residential property that was converted into a rental, prior to the sale of the property, Treasury Regulation section 1.165-9(2) states that the basis of the property will be the lesser of either the fair market value at the time of conversion or the adjusted basis determined under Treasury Regulation section 1.1011-1.
The property must be rented for a minimum of 2 weeks to a non-relative. You can rent to a relative if it is their primary residence at fair market value rent. The property must only be used personally for 2 weeks or 10% of the time rented.
The requirements to validate your principal residence vary and depend on the agency requesting verification. On the federal level, the taxpayer's principal residence may in general include a houseboat, a house trailer, or the house or apartment that the taxpayer is entitled to occupy as a tenant-stockholder in a cooperative housing corporation, in addition to the traditional house ...
Getting married and having multiple homes are blessings to enjoy – unfortunately, a tax exemption for two primary residences isn't among the benefits of such a situation. While it would be ...
To escape valuation under Code section 2702 (i.e., retained interest valued at zero), a PRT must comply with the following two primary requirements: (i) the trust may hold only one residence which must be used as the grantor's personal residence during the term of the trust; and (ii) the trust may not allow the sale of the residence during the term of the trust.
The historic Bush Stadium once hosted the Indianapolis Indians and was used as a dirt track and even a car storage site — before getting converted into the luxury Stadium Lofts complex that ...