Not sure the law in your state. In my state, as long as you live in the house 2 full years in the last 5 year period, tax will be free for all the capital gains. This means you may rent you condo out for three years maximum in the future 5 years without any capital gain tax.
When you rent your home out, it becomes a rental property. You need file Schedule-E(?) and record all the rental income(+), property TAX(-), repairing fees(-), maintenance fees(-), insurance (-), depreciation(-), interest(-)... The net income will possibly be negative. This counts as your investment loss. Congratulations!!! Welcome to the broad of slam landlords!!
When you rent your home out, it becomes a rental property. You need file Schedule-E(?) and record all the rental income(+), property TAX(-), repairing fees(-), maintenance fees(-), insurance (-), depreciation(-), interest(-)... The net income will possibly be negative. This counts as your investment loss. Congratulations!!! Welcome to the broad of slam landlords!!
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