Assuming I get pushed into a 13, I intend on keeping my rental unit and walking away from my primary residence to rent something less expensive. If I squeeze into a 7, the rental would become my primary residence. Is there a minimum length that it has to be my PR for the homestead exemption?
If I do go 13, how much information will I need to provide for the Trustee to keep the rental? Will it need to show a "profit" at the end of the last couple years? It hasn't, but I am increasing the rent to at least break even on the mtg and utilities.
Will they look at the depreciation on my taxes, maintenance, toll roads to get to it, etc?
If I do go 13, how much information will I need to provide for the Trustee to keep the rental? Will it need to show a "profit" at the end of the last couple years? It hasn't, but I am increasing the rent to at least break even on the mtg and utilities.
Will they look at the depreciation on my taxes, maintenance, toll roads to get to it, etc?
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