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Old 10-02-2019, 11:04 AM   #21
Full time employment: Posting here.
 
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Originally Posted by Senator View Post
You still owe a pro-rated portion. Once you rent it out, you do not get 100% of the capital gains exclusion.

If you rented for 2.5 years, and lived here for 2.5 years, 50% of the capital gains are taxed. Along with depreciation recapture.
The pro-rated Section 121 exclusion only applies if the house started as a rental. If the house was initially your primary residence and then you rented it out, you would still get the full exclusion (assuming you meet the 2 of last 5 year rule for primary residence).
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Old 10-02-2019, 11:16 AM   #22
gone traveling
 
Join Date: Sep 2019
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Originally Posted by Z3Dreamer View Post
The advice on a 1031 is sound but I am no longer willing to be a landlord. It is too much like w**k.

All due respect, but as a Canadian who has been a US landlord for the last decade, anyone who feels that being a landlord is work, is doing it horribly wrong
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Old 10-02-2019, 11:56 AM   #23
Confused about dryer sheets
 
Join Date: Sep 2018
Location: Buford
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I have been thru this a few times. I always payoff something that is costing me monthly. Like other Mortgages or HELOCs. I do not like monthly payments at all...LOL.
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Old 10-02-2019, 11:56 AM   #24
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Join Date: Feb 2016
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Originally Posted by nancyfrank232 View Post
All due respect, but as a Canadian who has been a US landlord for the last decade, anyone who feels that being a landlord is work, is doing it horribly wrong
I agree. Many here have negative thoughts on the landlord life. I have had a bad day or two.

But I have homes that have appreciated as much as 500%. I quit work at 45. All because I bought 4 homes between age 26 and 35.

If I hired a gardener I would spend 5 minutes a month on my rentals. But for now I do my own upkeep.

As far as the OP, I paid off my last mortgage 12 years ago. Nothing like taking the rent checks and depositing it and not being sure how you are going to spend all that money.
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