New Owner Occupied / Non Occupied Rules

Published On: September 4, 2008

There are huge new rules in place regarding the sale of non owner occupied rental homes. It is a paragraph that is embedded in the new economic stimulis package. I have read the package and we are gaining quite a bit but if you have a home that is being used as a rental home and plan on selling it beware. There are huge caritol gains taxes. The way around that in the past was to live in the home for 2 out of the past 5 years. A lot of that is going away soon, There are ways to avoid it but you must act soon. We are waiting for the postion papers that will clearly define this area of the tax code. If you would like to receive this information as it comes in give us a call or email us and we will keep you up to date with the latest information.