Situation: Owner purchased a home 5 years ago, lived in it the first two years, then converted it to rental the last three years, and now sold it through Sort Sale. Is this property eligible for the debt relief? I know the rules say no to rental property, but I'm unclear if it will apply when the rental was previosly a personal residence. Thanks for any help.
-
-
I would say no. Under the instructions for that line:So, he would have had a different principal residence for the last 3 years.Principal residence. Your principal residence is the home where you ordinarily live most of the time. You can have only one principal residence at any one time.
Can he instead use the insolvency?JG -
Mortgage Debt Relief
That's the other angle I'm looking into. It appears yes, they can. The debt/asset is ugly. Thanks for your help.Comment
Comment