Personal Finance & Money Stack Exchange
Personal Finance & Money Stack Exchange

Questions tagged [primary-residence]

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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 different than for primary residences (namely, a whole…
mbhunter
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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 to do a 1031 exchange. However, I don't…
Dave D
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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 mortgage monthly (and no other debt at this point). My…
fjk
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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 dividends. So the only activity is the change in…
cja
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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 in the US, and only about half of that time in…
Flimzy
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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. Although I sold the house to a relative, I…
WGroleau
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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 traveled from state to state for my husband's job. He…
Pat Fuller
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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 days. That's not a problem for me but what would…
Matthew
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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 home as her "primary residence". Can she still…
AbuMariam
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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 kid lives in it, renovates it, and flips it in…
guest12345
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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? Is so, what is that law? As a variation on the…
Five Bagger
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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 years and that means I will lose the long term…
StrongBad
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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:…
CodyBugstein
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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 parents' home as my permanent residence while…
TheFooh
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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 indefinitely. My work is providing me and my family with…
user9822
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