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Old 10-20-2000, 11:39 AM
mutha22@aol.com
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I own two homes and recently changed my primary residence from the one in IL to the one in MI. Are there any tax raifications I should be aware of ?
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Old 10-20-2000, 01:09 PM
Tracey
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If you sell the IL home within 3 years, you get to exclude up to $250,000 of the gain from your income. If you're renting out the IL home, you have to start depreciating it. The depreciation is considered a capital gain when you sell. Drop by H&R Block & they can tell you all about it....

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This is not legal advice and you are not my client. Double check everything with your own attorney and your state's laws. ppls@qwest.net - please include some facts so I know who you are!
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