Departing Residence Question

amyn22

LoanSafe Member
Aug 3, 2010
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6
So we have had our place for sale for three months. No luck. So we want to rent it out now in order to buy a new home. Is it true if we move out with our parents for 2 months and rent our place that when they run things at closing we can count our rent as income since we have a new departing residence?
 

Moe Bedard

Call 1-800-779-4547
Staff member
Loan Safe Mortgage
Aug 10, 2007
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Hello,

If you did this, your old property could now be considered an investment property. Any profit you make on this property would be considered income to the IRS and also potential lenders.