Posted on: 23rd Oct, 2009 02:41 pm
In a condominium that is basically secondary dwellings and vacation rental property how is owner-occupied defined. I was told that if it was used solely as a secondary residence that it qualified. There are 57 units, 27 of them are rented out (22 of those may be rented for one night), of the remaining 30 units 2 or 3 might be full time occupancy by owner, the rest use it as a secondary residence. Does this qualify us as 51% owner-occupied?
Thanks!
Thanks!
Yes. If you use it as a secondary residence then it will qulify as a owner occupied.
THats how you need to show when you fileyour taxes
THats how you need to show when you fileyour taxes
for the purpose of condominium qualifying owner occupancy is construed as the unit being used as a primary residence. a second home is not a primary residence, by definition. nobody can have two primary residences.
