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Old 03-26-2016, 12:47 PM   #41
Thinks s/he gets paid by the post
Join Date: May 2008
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Originally Posted by PamInCA View Post
Nah, he's happily married. We've sat next to each other for about 8 years, a lot of talking over the wall.

He does know that if I hadn't retired, he would have been let go. He gave me a heartfelt thanks for that too.

Ah now it makes more sense. You saved his job/livelihood. I can understand his overwhelming appreciation for you.

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Old 03-26-2016, 01:18 PM   #42
Thinks s/he gets paid by the post
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Join Date: Jul 2014
Location: Chicago
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Originally Posted by PamInCA View Post
Since the house purchase price was only $115k there's not a huge amount there. Not like a $400k house or something. Or, I could move into the house for 2 years and then sell it. When I'm ready to make that decision I'm sure I'll run the numbers. Would probably cost me more in mortgage cost and loss rental income to live in it for 2 years than to just pay the taxes.
Sure that could be a plan:
"If you rented out your property when you bought it, but if you then live there for two years before you sell it, you can claim a portion of this exclusion if you owned the property for at least five years. Your exclusion is reduced by the amount of time the home served as an investment property. For example, if you owned the property for eight years, rented it out for six years, and lived in it for the last two years, it served as an investment property 75 percent of the time. Therefore, you can exclude 25 percent of your gain from taxation."

Not sure it protects the depreciation recapture which you are building up at $4,250 per year of rental.

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