• FreeAdvice has a new Terms of Service and Privacy Policy, effective May 25, 2018.
    By continuing to use this site, you are consenting to our Terms of Service and use of cookies.

Confused how to show house at the end of the year

Accident - Bankruptcy - Criminal Law / DUI - Business - Consumer - Employment - Family - Immigration - Real Estate - Tax - Traffic - Wills   Please click a topic or scroll down for more.

sloodanka

Junior Member
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
 


abezon

Senior Member
Yes, you have to show it as rental income. You can't exclude the gains because you did not live in the house for 2 years.

Hire someone to do your taxes next year so things get set up properly.
 

Find the Right Lawyer for Your Legal Issue!

Fast, Free, and Confidential
data-ad-format="auto">
Top