Hi,
we have lived in our house for the past 13 years and are going to move to new place,we are planning to make the current one as our investment property after that...
My question is whether we should have a home appraisal for the current house to convert it from primary to rental or not? somebody said there is No need to do it as when we eventually sell it, the capital gain will be evenly divided by years e.g. if total is $100,000 gain for 5 years, each year will be $20,000, and if there are 2 years for rental, then the gain is $40,000 in total...
Appreciated for your sharing!
Sue
we have lived in our house for the past 13 years and are going to move to new place,we are planning to make the current one as our investment property after that...
My question is whether we should have a home appraisal for the current house to convert it from primary to rental or not? somebody said there is No need to do it as when we eventually sell it, the capital gain will be evenly divided by years e.g. if total is $100,000 gain for 5 years, each year will be $20,000, and if there are 2 years for rental, then the gain is $40,000 in total...
Appreciated for your sharing!
Sue