- This topic has 9 replies, 2 voices, and was last updated 8 years, 8 months ago by Anonymous.
- May 6, 2011 at 9:48 am #207623AnonymousInactive
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.
- May 8, 2011 at 9:54 am #266745Carmen CochraneMember
No, Utah follows the federal rules for sale of primary residence. See the article I have attached here.
- June 10, 2011 at 4:33 am #438176AnonymousInactive
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 .
- June 10, 2011 at 4:33 am #438177AnonymousInactive
Yes, this will likely increase your premiums as some tennants can be nasty and cause damage, but you get extra coverage for that!
- June 10, 2011 at 4:33 am #438178AnonymousInactive
Yes. It is classified as non-owner occupied. They need to know before there is a claim, just in case
- June 10, 2011 at 4:33 am #438179AnonymousInactive
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.
- June 10, 2011 at 4:33 am #438180AnonymousInactive
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.
- June 10, 2011 at 4:33 am #438181AnonymousInactive
YES. You are essentially uninsured now because you have failed to inform your insurance company about your change in use of the house.
- June 10, 2011 at 4:38 am #438182AnonymousInactive
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.
- June 10, 2011 at 5:12 am #438183AnonymousInactive
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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