Yes, but this can only be done legally if it is a legal 2 or 3 family home. Call the town to check the status to make this determination ... depending on the location, you may be able to apply for a change of property use. Although it may not be legal, many do rent without this confirmation.... more
You are not exempt but seeing you are buying a higher price it is defferred. Ask a tax advisor to be sure but you can take your lifetime exemption which wipes out a portion if not all of your capital gains. i wouldnt do it now if you are buying a higher price property. You will be able to get some tax breaks by writing off some moving expenses for work if you itemize, again see the cpa for exact amounts. In conclusion there shouldnt be taxes if you ar using your gain in Durham to buy the new house in Boston. Good luck with your move to Boston, i am neear there and love it.... more
OK, please do not make condos right now. If you want to lose money you can mail it to me and I will actually set it on fire for you. If you are dead set on doing it generally you'll pay $700-1000 per plate to an architect and if there is parking another $1000 or so then you need to have the condo docs drafted by an attorney. If you are thinking you are going to do this and NET more money I would submit to you that you are wrong. I have done many many conversions- this is not the time. I would urge you to reconsider.... more
Check with the Waltham Building Department (link below). What we don't like to see as appraisers is an additional range down there. Finished basement with an additional bath is not typically an issue, but check with the Building Department. See if permits were pulled. It doesn't sound like there's any type of kitchen or range set-up so I'm thinking you might be OK. Hope this helps. LInk is below.....