jetters50
Feb 15, 2012, 02:38 PM
My home is paid for and I lived in it for 26 months. I've now moved out but don't want to sell it as the market is so low that I would take a substantial loss. I may rent it for the next 12-18 months to cover the cost of its maintenance/taxes etc. I won't be able to try and sell it during that time because rental will be through a contracted lease to the tenant.
After that time, if I get it sold prior to 5 years from my date of purchase, am I required to report the sale of the house as income? I don't understand if it will be considered as rental property then since I won't have been residing there at the time of the sale.
After that time, if I get it sold prior to 5 years from my date of purchase, am I required to report the sale of the house as income? I don't understand if it will be considered as rental property then since I won't have been residing there at the time of the sale.