Primary Res. vs Investment taxes
I own and live in a 3 Family.
I was thinking of moving out of my 1 bedroom apt. to a different neighborhood for a couple of years. (My neighborhood is somewhat transitional and just a little quiet for my tastes.) My questions are:
1. If I move out, how long until I permanently lose the owner occupier benefits if I were to sell the house, as far as not paying capital gains on profit? Can I reestablish owner-occupier status?
2. Since I will have three rental incomes if I move out, how bad are the tax consequences verses being an owner-occupier?
3. If there’s anything I’m missing, please feel free to contribute your thoughts. Thanks.
