Making a rented property a primary residence?

Vern Serratos: You can count the house as your primary residence if you have lived in it 2 of the past 5 years.

Bell Pasco: If you don't qualify by living there 2 out of the last 5 years, then you can do a 1031 exchange. Basically the funds from the sale of this home are held in escrow by a 1031 exchange company. You will have 60 days (not sure on the time) to find another home of equal or greater value. Google 1031 exchange companies in your area for details.

Rheba Cockman: No, never a rented property a primary residence. A property that is on rent never be owned untill you live there around 6-8 years.

Elfreda Grossen: No matter what you try to call it, it is a rental property, not a primary residence.Also, if your mother owns it, she would have to live there, not you.You can do something called a 529 exchange to avoid taxes. Basically, you sell this home and reinvest the money in another property to avoid capital gains taxes....Show more

Newt! on Fedorko: How big do you want your criminal record to become? Homestead exemption requires that you own the property and live there as your primary residence. So No, if you rent it out you do not qualify for the homestead exemption so you will pay more taxes.

Ayesha Genova: If you are planning to sell the house soon, you will not be able to do what is required to call this rented property your primary residence.In order to avoid capital gains taxes on this rental you must have resided in the house as your primary residence for 2 years during the 5 years prior to selling the house.You might would want to consult with your tax preparer, CPA or attorney to see if you have fulfilled the residency requirements. I hope this has been of some benefit to you, good luck."FIGHT ON"...Show more

Patrick Bitsui: 2

Raymundo Kyser: Rent To Own Homes : http://RentToOwnHome.uzaev.com/?twGW