Does the personal tax exemption for selling your home apply to both your

Tips and Deals Forums Buying Your Home Does the personal tax exemption for selling your home apply to both your

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    • #207623
      Anonymous
      Inactive

      federal and state taxes? I’m in Utah I know you have to live in your home for 2 of the past 5 years and you can receive up to $250k single and $500k married gain without being taxed. I would like to know if I will be taxed on my gains in Utah when I file my state taxes.

    • #266745

      No, Utah follows the federal rules for sale of primary residence. See the article I have attached here.

    • #438176
      Anonymous
      Inactive

      YES. the minute u put renters in the house the insurance policy was void.
      u need the correct insurance for a commercial property and plenty of it.
      price around .

    • #438177
      Anonymous
      Inactive

      Yes, this will likely increase your premiums as some tennants can be nasty and cause damage, but you get extra coverage for that!

    • #438178
      Anonymous
      Inactive

      Yes. It is classified as non-owner occupied. They need to know before there is a claim, just in case

    • #438179
      Anonymous
      Inactive

      You must inform the insurer of this. If you do then your policy is not worth the paper it is written on. Once a claim occurs the insurer will easily discover what the actual situation is in regards to the occupancy of the house. They will deny your claim and cancel your policy.

    • #438180
      Anonymous
      Inactive

      Yes, your premium should actually go down since it will no longer cover the contents of the home, just the home itself. The renter would get seperate renter’s insurance to cover their possessions.

    • #438181
      Anonymous
      Inactive

      YES. You are essentially uninsured now because you have failed to inform your insurance company about your change in use of the house.

    • #438182
      Anonymous
      Inactive

      RIGHT AWAY! you cannot have a homeowners policy if you the homeowner do not live in it. your policy needs to be rewritten as a landlord policy. this covers the dwelling (make sure you also keep liability on it). your tenants should then pick up a renters policy to cover their belongings. if you can find a company in your area that will write your property on a commercial package policy, it will keep your premium a lot lower. i have a company that does this and it actually gives them MORE coverages than a regular landlord policy for less premium.

    • #438183
      Anonymous
      Inactive

      Well, YES, because one of the conditions of your homeowners policy is that the house is owner occupied.

      They are going to tell you, you need a landlord policy – also called a dwelling fire policy. You’re going to have to rewrite the policy.

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