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Old 07-22-2012, 08:15 PM   #21
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Originally Posted by Helen View Post
What if you rent it but have lived in the house for 2 of the prior 5 years? Does renting for the interm before selling make a difference? The tax guy I spent an hour with didn't mention it and I didn't think to ask.
Living in the house as your primary residence for 2 of the past 5 yrs qualifies you, and spouse if appropriate, to the full cap gains deduction. If it's <2 of last 5 yrs, you don't lose the whole cap gains exclusion; instead, it's prorated. Details are available in the relevant IRS pamphlet.
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Old 07-22-2012, 08:21 PM   #22
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Good to know about the insurance policy, didn't realize it mattered if for 30 days or so no one was in the house...

Also, if the premium drops by only covering the structure that sounds pretty good!
When I converted my homeowner insurance to fire insurance, my premium actually went up a bit (USAA). After 30 days of vacancy, I would lose coverage for damage due to vandalism, but I would remain insured for everything else.
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Old 07-22-2012, 09:19 PM   #23
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Good to know about the insurance policy, didn't realize it mattered if for 30 days or so no one was in the house...

Also, if the premium drops by only covering the structure that sounds pretty good!
When the time comes, you should check with your insurance company to determine the specific amount of time you have until your house is considered vacant. If they will still cover your dwelling, your rates may increase because the risk of something happening is so much greater. But at least you're covered. I see above that a portion of the coverage was deleted.
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