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Tax breaks: buying property to live in vs buying to rent out for investment? |
what are the tax break comparisons.To claim living in property which is a fixer upper or rent out fixer upper property? I don't know what tax bracket I'm in. Will I get more deductions being a landlord or living in the property? What would be most profitable I'm 61 y/o Is this a good Long term 4yr investment for retirement,etc. Please advise.Thank you.. The IRS says if you live there at least two years and the property is your primary residence, then you can sell and purchase a new home without paying capital gains taxes. The property is still an investment no matter how you look at it and you can still take deductions such as mortgage interest. When you become a landlord and receive income then you must offset your income with property taxes, insurance, repairs, depreciation, etc. Either way living there or renting it out it should appreciate in value assuming the market holds. |
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