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homeowner to landlord

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aapl4theteacher Joined: 16 Mar 2008 Posts: 15 6.60 Dollars($)	Posted: Mon Dec 29, 2008 10:46 am    Post subject: homeowner to landlord Like 0 Dislike 0 We are living in a home that we want to turn into a rental, and we want to buy another home. We know it would be tough to sell this place right now - but we won't qualify for the house we want if we treat it as a second residence (besides, how could we live in two?) How long will we have to rent this house out before we can claim it as a rental for our next real estate loan? How long do we have to be established landlords? We're thinking we should put this thing up for rent soon and rent another house to live in before we try for a mortgage. Does this make sense? Don't know if it matters, but we're in California. Any advice is appreciated.
jameshogg Joined: 20 Dec 2005 Posts: 10460 Location: Nevada 987.57 Dollars($)	Posted: Mon Dec 29, 2008 10:26 pm    Post subject: Like 0 Dislike 0 Hi aapl4theteacher, As far as I know, the rental income can be considered if you have claimed the rental income on your taxes for the last 2 years. Thus 2 years of proper documentation is required in order to show the rents as your income. Thanks

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