Posted on: 10th Aug, 2009 01:09 pm
I own a home that is not my primary residence; it was purchased so that the son of the co-owner at the time could live in it which he did for 3 years. Does that fact that the son of the owner lived in it for 3 years allow it to be counted as a primary residence for tax purposes? In other words, would there be relief from a deficiency judgment as well as tax relief?
Hi judybrick,
As you never lived in the property, I don't think it would be considered as your primary residence. Moreover, I guess no one is living in the property right now. So, in such a situation, the lender would not consider it as your primary residence. There are chances that you would have to pay the deficient amount resulting from the sale of the property.
Thanks
As you never lived in the property, I don't think it would be considered as your primary residence. Moreover, I guess no one is living in the property right now. So, in such a situation, the lender would not consider it as your primary residence. There are chances that you would have to pay the deficient amount resulting from the sale of the property.
Thanks