Should I sell or rent my house??

[Jordan Hurd]

Hi everyone,

First post here and I have a question about either selling or renting my current house. I am moving to a new area where I will be renting an apartment for at least the first year. I have lived in my house for only one year now. I am wondering tax-wise would it be better to try and sell my current house and just get away from it altogether or would renting be beneficial? I bought my house for $215,000 and currently owe $210,000. Any help or advice at all will be greatly appreciated!

Thanks,

Jordan

[Dave Foster]

@Jordan Hurd

 It sounds like you may be a candidate for an exemption on the 2 yr period for application of the primary residence gain exclusion  sec 121 IRC.  If your move is job related you may be able to sell that house and pro-rate the gain that you can take tax free.  My guess is that you would be able to sell and not incur any tax on gain from the sale.  Check with your CPA