Posted by Rich on September 11, 2003 at 17:37:38:
Sorry about delay response - duty calls. To answer your question regarding deductions - only interest has been claimed on taxes, no other expenses have been deducted.
Investment or Primary property - Posted by Rich
Posted by Rich on August 28, 2003 at 14:26:04:
I posted this a while back but have not received a reply in 3 months - so I am posting again for some insight. I have a Duplex in Washington State and have not rented it due to the ammount of work needed to make it liveable. I have taken steps to turn the property back into a single family residence (if needed). I am in the Miltary and have become the sole resident of the property since purchase while my wife and kids primarially stay at our other house during the school week. If I were to continue to live in the house for two years and sell it without renting any portion of it out, would the property meet the criteria for a primary residence, or would it still be considered investment property?
Re: Investment or Primary property - Posted by William L. Exeter
Posted by William L. Exeter on August 28, 2003 at 23:17:14:
I can see a number of different “arguable” positions here, so the best advice that I can give is to seek competent legal advice from a good tax attorney that knows and understands Section 1031 and Section 121.
Bill Exeter
Diversified Exchange Corporation
Re: Investment or Primary property - Posted by 94Nole
Posted by 94Nole on August 28, 2003 at 16:14:09:
I would say no. Facts and circumstances would probably point to the fact that your actual principal residence would be where your family is. Sounds as though your whole purpose is to help the property qualify for PU (personal use) to take advantage of the rules. I personally would think it would fail if examined. I assume that there is a gain? I also assume that you haven’t deducted any costs related to the duplex since it was never rented? Correct?