What are the tax consiqunces of renting my current primary residence and buying a new residence to live in?
Answers (2)
I agree with Trist, contact a tax professional. Note that when you go to sell, if you have not lived in the home at least 2 out of the last 5 years, you will pay the full capital gains tax on the property.
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FIRST ANSWER
Jeff -
You should contact your tax professional as that greatly depends on how you file and which property you choose to claim as your primary residence.
Trisha Lee Columbia, MO 65203
Web Reference: http://www.TalkToTrisha.com
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