Thinking About Renting Your Home?

 Are you thinking of renting your home?

Sellers that can't sell their property are renting their home. They don't want price reduction so they 
choose to hold on until the market changes and property values rise. People choose to rent out their homes
for various reasons. 
There is a tax break for those who've lived in their home for at least two of the past five years. Married
couples who file jointly can earn up to $500,000 in capital gains tax-free. and singles can enjoy $250,000 
in tax-free gains. If yourent for just a year or two you still will be eligible for these breaks. Should you
decide to rent for longer and sell more than three years later, however, the tax exemption will not apply and
the gain would be taxed as a capital gain.
If you have a large gain on your personal residence, you don't want to rent it out unless you're planning to
move back into the house and live there for two years before you sell.

When you rent out and become a landlord you get some tax brakes. Rental income is taxed as ordinary income, 
but your tax bill could easily be eliminated due to numerous deductions on expenses and depreciation. Please
consult your CPA for taxconsequences.

If you do decide to rent your home instead of selling do the following:

 . Consult your CPA for the best course of action.
 . Consult an attorney.
 . Consult your REALTOR

With the housing market and the weak economy a lot of people can't afford to pay their rent. You need to find
out the legal challenges of eviction before you rent your property.

Talk to a REALTOR to rent your property and consider property management company. The property management
company can qualify renters, collect rents and deal with problems and issues. Experienced managers can handle
all of these and maintenance.

Manage expenses:

 Rent will cover all the following:
 Mortgage Payment 
 Property Taxes
 Insurance
 Repairs 
 Vacancies

Real estate is a great investment. Even though renting out has its own challenges it can be a great investment. 
Make sure you are up to the challenges and planned for it. I can help you with your purchase of investment properties.