House Hacking Questions

[Matthew Cater]

Some general questions about house hacking:

1. Tax question- If a person purchases home 1 as an owner-occupied personal residence house hack and then moves out the next year and purchases another owner-occupied residence, is the taxpayer eligible for the homeowner exclusion rule for gain when it comes time to sell the property?

2. HH Question- If my house hack is reported as Schedule C business, is it recommended to have a separate bank account for my house hack and personal? Can they be two separate accounts at same bank? What about if I setup an LLC, should I have a separate bank account for that?

3. General REI question- how scalable is house hacking and/or real estate investing for a professional with a full-time job?

Thanks so much in advance!

[Darryl Holmes]

@Julie Dunlap

Curious... how did you house hack the rental? I’m guessing it was a single family rental ? I am also interested in house hacking