Today TaxMama hears from George in Indiana, with this question.
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“I bought two houses, one of which was purchased in 1999. I lived there until 2007, then rented out and moved to Texas. I also bought another house that is next to my first residence in 2004. I rented out the 2nd house two years after I bought it, and now I am selling it.
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Can I claim my 2nd house as my primary residence instead of the one I am renting in Texas? “
Dear George,
You’re pulling my leg, right. This question is just a joke?
You’re a CPA and you’re asking a virtual stranger about committing tax fraud?
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Of course you can’t claim your rental home as your personal residence.
Just suck it up and report the sale of the rental properly honestly. Long-term capital gains are not that high.
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And remember, you can find answers to all kinds of questions about personal residences and other tax issues, free.
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Where? Where else? At TaxMama.com
- Ask TaxMama :: Where taxes are fun and answers are free
- www.TaxQuips.com :: The number ONE free tax podcast online
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