I sold a house in 2007...tax questions?

[JimBaker488]

Originally Posted by HDL

Let's see. I bought a home in ID as a non-resident with no problem, then I moved there and became a resident. On top of that, hundreds of out of state investors bought homes there with the intention of renting them out or flipping them. Again, there was no problem with them buying homes as non-residents with no intention of moving to ID and becoming residents .

Being a resident of another state does not preclude someone from buying in a state where they are not a resident, but there may be some HOA type rules regarding renting out the home you are buying or leaving it vacant for long periods of time and any outside maintenance issues that will occur, etc.

Thank you for that info, looks like Idaho R/E ownership is not a problem for non residents as I doubt that "hundreds of out of state" buyers could pull it off without somebody noticing if it's against the rules ?
But FYI, there absolutely are some states where only residents can own R/E.

[HDL]

What states are those?

Originally Posted by JimBaker488

Thank you for that info, looks like Idaho R/E ownership is not a problem for non residents as I doubt that "hundreds of out of state" buyers could pull it off without somebody noticing if it's against the rules ?
But FYI, there absolutely are some states where only residents can own R/E.

[JimBaker488]

Originally Posted by HDL

What states are those?

I really can't say at this time, but back in the day (years and years ago) when I was living and selling real estate for a living in the midwest there were restrictions about non-resident ownership of farmland in certain states, one state for example that had several prohibitions/limitations was Iowa.
Right or wrong, it's the sort of things that politicians do to get elected/relected - making promises to people with vested interests even though it's not necessarily a good thing in general for their constituents.