Property Q&A in Edina>Question Details

Retafsgt, Home Owner in Edina, MN

What is the IRS definition of involuntary conversion from owned property (primary dwelling) to rental property?

Asked by Retafsgt, Edina, MN Thu Apr 7, 2011

My wife and I bought a house in Washington State in 2008, using the 7500 First Time Home owners loan. I was wrongfully terminated from Gov service, in April of 2010 ( not an opinion we settled out of court in Oct 2010). I secured a job in a different state and purchased a home there, and now the house in Washington is a rental. I know, very lucky to find another job and a renter for the Washington house. But, If I was not terminated from the Gov job, we never would have left. We could not of made it on my wifes pay alone, while we waited for the AF to realize their mistake. Because we did not live in the house for 3 years, no fault of ours, I have to come up with the entire 7500 now ?

Help the community by answering this question:

Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer