Posted by nicola lawrence on August 09, 2005 at 24:38:56:
I was told that already by the loan broker. But we figured its ok as we are going to occupy it as soon as we can. But our renter dropped out at the last minute. So will we have to pay gains on the first house?
re:: Did I mess up? - Posted by nicola lawrence
Posted by nicola lawrence on August 07, 2005 at 18:49:51:
Hi, This is what I did. I bought the 2nd house (out of state) NOT as
income property and continued to live in the 1st house as I was unable to
rent it out and move to the 2nd house like I said I would. Am I now
unable to avoid capital gains tax in the 1st house? How do I let
somebody know I am still living in the 1st house so they wont make me
pay capital gains after selling it after 2yrs?-thanks
Re: re:: Did I mess up? - Posted by River City
Posted by River City on August 08, 2005 at 06:21:14:
You might have an even bigger problem than paying capital gains. If you obtained a loan on the home that is out of state as an owner occupant, the lender can call the loan since you are not occupying the home as your primary residence.