If you move and rent your condo still remains your principal residence, it's only if you bought a second property. The whole point of this is for government not to allow people to cash in on property appreciation on more than 1 property.
If you are renting the new place where you live, you don't stand to profit from appreciation so it won't be an issue. WHen you sell your condo the entire appreciation will be tax free.
Thank you. I guess I sorta misunderstood. I will double check with my accountant for clarification, but I like what I'm reading.
If you move and rent your condo still remains your principal residence, it's only if you bought a second property. The whole point of this is for government not to allow people to cash in on property appreciation on more than 1 property.
If you are renting the new place where you live, you don't stand to profit from appreciation so it won't be an issue. WHen you sell your condo the entire appreciation will be tax free.
If you rent more than 50% of your condo, it will actually not qualify, even if its your 1 and only property.
#8916647 - 01/19/1709:20 AMRe: So who is interested in buying an investment condo
[Re: xza8]
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Damn it, I knew someone would bring up the caveat.
I didn't want to get into specifics, but in the end, no one renting a higher end condo is going to claim rent expense as they won't be eligible for any deductions, so I am already under the assumption OP would go in that direction.