We have a Condo as our primary residence which we do not plan to sell. We intend to purchase a second home in 2011. I have entered the condo under primary residence in the program.
Questions:
1) Where in the program should I enter the home we intend to purchase?
2) Do I also need to enter the condo we own under Real Estate or is it already taken care of under Primary Home?
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The real estate pages would be for a home you purchase as an investment. If you're living there, enter as Primary (as it sounds you did). If you have an additional house but it's not an investment house, enter as a vacation home.
If you're planning to move, enter the profile of the new home under then Primary Home pages.
Thanks for your comments!
Actually, it is a little bit more complicated. We actually live overseas - but have a condo in the US which I have entered as a primary residence.
When we return from overseas, we are going to keep the condo - and move to a different state than the condo moving into a house that we are currently building.If I enter the profile of the new home under the Primary Home pages - and indicate a move - it will automaticall assume that I will sell it when we move - which I don't want.
With this in mind, what would be the best method for entering these two properties?
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Assuming that you're going to keep the condo forever, you should be able to enter the data for the condo as a real estate property, then in the year you're going to buy your new place and "move", enter that as your second primary home. That should get you most of the way.
The alternative is to enter the condo as a vacation home and the new place as above.
Best,
Dick Munroe