Home Selling in Lenoir City>Question Details

Susan, Home Seller in Lenoir City, TN

Bought home in 2002, Rented it from 2004 until 2008. Residing in home now. How long b4 I can sell & keep$?

Asked by Susan, Lenoir City, TN Sat Jul 18, 2009

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4
Susan
You should consult at CPA. There were some recent tax law changes regarding rental property that they can help you understand. Usually for homes that were rental property before January 1, 2009, the rule was that you could re-occupy the home for the 'right reasons'. Your CPA will have a list of those reasons.

To be able to claim the property as your personal residence the test is called the "THREE YEAR RULE"--is that your address three out of the least five years? So IMHO that would mean you'd need to live in the property another 2 years.
0 votes Thank Flag Link Sun Jul 19, 2009
Keith Sorem, Real Estate Pro in Glendale, CA
MVP'08
Contact
Hi Susan,
Depending on the Home and its location in Lenoir city , condition of the house and other criteria and information you might provide, you could make a good profit tommorrow. Our area continues to be an active market and ther is not enough inventory on the market at the present time. I am currently working with three sets of Buyers Looking in Loudon County and would prefer Lenoir City. I would suggest an appointment with a Realtor to help you determine your Homes ability to sell in the price range your house is in. If I can be of any help please do not hesitate to contact me. Thanks,

Andrew Pacillo
Realtor Affiliate Broker
Century 21

apacillo@bellsouth.net
http://www.AndrewPacillo.com
865-773-2401
865-986-7577
0 votes Thank Flag Link Sat Jul 18, 2009
Sounds like you are implying for Capital Gains. Either you call the IRS for free advice they can give you a certain publication that deals with do it yourself or if you talk to your CPA if you don't have one employ one.

Jasmine S. Williams
RE/MAX® Dallas, TX
0 votes Thank Flag Link Sat Jul 18, 2009
Susan,

Am I missing something....as the owner, you can sell the property anytime you desire. Are you referring to "Capital Gains?"
0 votes Thank Flag Link Sat Jul 18, 2009
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