Should I sell my condo rental that I can claim as primary residence because I lived in it two of the past 5 years? : ezLandlordForms

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Should I sell my condo rental that I can claim as primary residence because I lived in it two of the past 5 years?

Rose W

started a topic over 8 years ago

In May of 2013 rented out the condo that I had lived in for 20 yrs., because I didn't want to sell it right then I bought a townhome. I am 65 yrs old and really not sure if I should sell while the market is hot in Denver and maybe talk to a financial planner about another type of an investment. I plan to continue working until I don't have the desire or motivation to. I could also use the money to pay off my current townhouse mortgage. I also own another condo in same complex that is a paid off rental. If I were a lot younger I would keep the rentals but since I am not a spring chicken. I need to rethink options. Any advice would be appreciated . There is that rule that if you have lived 2 of the past 5 yrs in residence. I can be claimed as primary and I Capitol gains have to be paid.

3 Comments

Derrick D

said over 8 years ago

If you feel like managing the rental is not for you consider a management company, this way you can still build an income and really would not need to do anything but keep tabs on the company you hire. many investors that have rental home use management companies to help and relieve some of the stress and work. This may be perfect for you. This will also give you an income while you are retired and management companies will often time even carry out legal issues if there is an eviction or any other problem with tenants.

Jahfwkwi J

said over 5 years ago

Jahfwkwi J

said over 5 years ago