What if you can not rent you rental property?
Saturday, January 2nd, 2010 at
6:51 pm
I co own a rental with SO, we are splitting, I need a place to live (rental not an option due to location) dont really want to pay cap gains on sale . was thinking of taking my proceeeds and buying another rental property that I would live in at some point. I know all the tax rules on living in it to convert to primary, are ther any rules that if you cant rent it you can live in it an not pay the cap gain?
Rent Back Fast
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Tagged with: Cap • Rent Property • Rental Property
Filed under: property rental
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I think your best bet is to take your proceeds from the current property and find another rental property to live in. Co-ownership of rental properties always ends up in a messy situation.
Rather than give you a specific property name and location, I would suggest that you do some research on the available houses/condos, the prices and the locations in your area. I have used justvr.com in the past and it was quite helpful for narrowing down my choices and booking the rental house.