I have been house hacking sfh's in my neighborhood. I buy a house, move into it and live there for a year. Then I buy another house move into it while renting the previous house out for 400 over mortgage payment.
Can anyone tell me anything that might save me from making mistakes? Ie., the homestead tax credit from the previous house that is now a rental will drop off automatically? Do I need to report to someone it's a rental now? I don't want to have two homestead tax credits, or ill end up owing back taxes.
Thank you so much for any advice you can offer.
In Alabama we have to go to the county tax accessor office to file or change homestead exemptions. I would contact your similar office and ask them.