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IRS Says: Time May Be Running Out if You Rented Your Home

By
Real Estate Agent with Keller Williams Real Estate

time may be running outDuring the housing market bust that happened around 2007, some existing homeowners opted to rent out their main residence instead of selling it for less money.

Interestingly, the IRS tax code will allow the temporary rental of a principal residence without the homeowner losing the exclusion of their capital gain with some time limit restrictions. You are given a five-year period which ends on the date the home is sold and you must meet these criteria: CONTINUE READING---->

Posted by

Thierry Roche

Host of Talk Radio’s ‘Inside Real Estate’

Keller Williams Real Estate

 

703-303-4010

 

www.ThierryRoche.com

Comments(1)

Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Thierry, did not know this fact, and sure would assist many homeowners with rental property! 

Dec 10, 2016 06:50 AM