Renting Rooms in Primary Residence
Hello everyone, first post on the website.
I just recently purchased my first property in Houston (325k), 3 bedroom 3.5 Bathroom.
I am a single guy, so I will be renting the two rooms of the house to two friends.
Pros: Deductions (from my research this is the list i came up with, obviously I will have percentages since my portion is not deductible)
HOA, Utilities, Cable, 1st year purchases of shared furniture / washing machines, depreciation, interest, repairs on roommate areas, and property taxes.
Cons: When I sell, I will have to pay capital gains on a portion of the property,
One of my questions is, if after lets say two years, i decide to stop renting out rooms will I no longer have to pay capital gains?
Overall, It would be very helpful if I can get some insight on how somebody has handled this situation.
Thanks!