What is the name of your state? IL
Bought the house in 2001 got married in 2002 and moved to my husbund house but kept the old address on my drivers license and work for W2 forms.All this was done to be able to exclude capital gain tax when property is sold. Now it has been 2 years that I own the house so I would like to rent it and legaly change my address to reflect my husbands address.Rental income will be just enough to cover mortgage and assesment fees. Do I have to show this house as rental property at the end of the year? If not how should this house be shown?
Thanks
Bought the house in 2001 got married in 2002 and moved to my husbund house but kept the old address on my drivers license and work for W2 forms.All this was done to be able to exclude capital gain tax when property is sold. Now it has been 2 years that I own the house so I would like to rent it and legaly change my address to reflect my husbands address.Rental income will be just enough to cover mortgage and assesment fees. Do I have to show this house as rental property at the end of the year? If not how should this house be shown?
Thanks