ceeze07 asked:
I am planning on purchasing a second home and renting out my primary. I have live there for about 3 years (after 2, becomes primary). If I can not rent my home, I am planning to do a short sale or at worst, let it go into foreclosure. From what I have read, the IRS will forgive a home if it is your primary resident. Does anyone no if there is a way around a 1099 claim?
I am planning on purchasing a second home and renting out my primary. I have live there for about 3 years (after 2, becomes primary). If I can not rent my home, I am planning to do a short sale or at worst, let it go into foreclosure. From what I have read, the IRS will forgive a home if it is your primary resident. Does anyone no if there is a way around a 1099 claim?
January 5th, 2008 at 8:36 pm
IRS publication 4681.