Primary Home unable to sell due to housing crisis
We owned a home for 25 years and needed to move due to my husbands work. It is not typical work of company with payroll. It is full time service to church ministry with no payroll. We moved in January of 2007. The house was on the market for 9 months. We could already see the housing market was about to collapse. We pulled it off the market and decided to rent it to our college age children and their friends. We are considering to rent for another several years until the housing crisis is over. I know about the 2 in 5 rule. We may fall out of the 2 year in 5 years requirement
Since we purchased our home in 1983 the valuation of the home is significant.
How does the tax play out in this situation? It was our primary home for 25 years but unable to sell due to housing collapse.
Last edited by Jane : 03-09-2009 at 09:27 AM.
Reason: correct the timing