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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: IRS' definition of Primary Residence... Posted by Diane on April 09, 2009 at 9:02 PM In Reply to: IRS' definition of Primary Residence... posted by Ward-CA- on August 22, 2008 at 9:47 AM It isn't clear to me how to apply the rules for the purposes of the Mortgage Forgiveness Debt Relief Act of 2007. Does the property have to be your primary residence for the preceding 12 months, or is it a percentage of the calendar year? Or is it the old 2 years out of 5 year rule? Or is it just a situation where the IRS deals with grey areas by having a list of things that could swing it one way or another? My situation is that I lived in the house for two years then my job moved me across the country. Rather than short-sell, I rented it out for a year, and now may face foreclosure. I am not an investor by any means. I loose thousands each month. I’m willing to go back and live in my house for as long as it takes to become my primary residence again so I don’t owe taxes upon foreclosure. I just need to figure out how long is long enough. Follow Ups: Re: IRS' definition of Primary Residence... Mark 7:12 AM, 01/27/10 (0) Post a Followup: Name : E-Mail : Subject : Comments: : It isn't clear to me how to apply the rules for the purposes of the Mortgage Forgiveness Debt Relief Act of 2007. Does the property have to be your primary residence for the preceding 12 months, or is it a percentage of the calendar year? Or is it the old 2 years out of 5 year rule? Or is it just a situation where the IRS deals with grey areas by having a list of things that could swing it one way or another? : My situation is that I lived in the house for two years then my job moved me across the country. Rather than short-sell, I rented it out for a year, and now may face foreclosure. I am not an investor by any means. I loose thousands each month. I’m willing to go back and live in my house for as long as it takes to become my primary residence again so I don’t owe taxes upon foreclosure. I just need to figure out how long is long enough. [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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