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Old 04-28-2009, 11:25 PM
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Smile Rent it out or stay
We bought a house in 2007 for 290K at SW boise. House might be worth 255k now. We might not need a big house. Is is worth renting it out for 1250$/month and stay in an apartment for 850$/month? what are the tax implications? Mortgage payment is 1900$/month. pls let me know ur opinions.
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Old 04-29-2009, 12:07 AM
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Rent money you receive is taxable income. If you rent out for 1250 per month you will still pay the $650 difference for mortgage plus $850 your apartment = $1500 so you only save $400 per month, increase your taxable income, and face damage/wear and tear from tenants. Can you just rent out a room and stay in your home instead?
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Old 04-29-2009, 12:11 AM
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Originally Posted by hello81 View Post
We bought a house in 2007 for 290K at SW boise. House might be worth 255k now. We might not need a big house. Is is worth renting it out for 1250$/month and stay in an apartment for 850$/month? what are the tax implications? Mortgage payment is 1900$/month. pls let me know ur opinions.
You may be at issue with you lender if you are not the occupant. Something to check into, good luck.
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Old 04-29-2009, 07:31 AM
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Quote:
Originally Posted by hello81 View Post
We bought a house in 2007 for 290K at SW boise. House might be worth 255k now. We might not need a big house. Is is worth renting it out for 1250$/month and stay in an apartment for 850$/month? what are the tax implications? Mortgage payment is 1900$/month. pls let me know ur opinions.
I don't see the benefit of renting the house and staying in an apartment. From a financial standpoint, I would be surprised if you realized any gains from the process. You'll need a new insurance policy, may face possible issues with your mortgage holder (since this will no longer be your primary residence) and will likely have at least a couple months that the house is unoccupied. Add in wear and tear from renters who will never care for the house like you will and this seems like a loser of a deal.

Are you in a position where you can no longer afford the home? If you can still afford to stay, that's exactly what I would do.
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Old 04-29-2009, 08:46 AM
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You will also loose your home owners exemption or your home for property Tax.That will hurt.
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