I would like to see what would happen if I purchased a new home as a primary residence, but rented out my existing home.
I am working with the change of home tab, and enter the new house as my primary residence. I could change my current primary residence to a rental, but then that wouldn't necessarily coincide with the timing of purchasing the new home.
Any ideas about how best to handle this?
Hope that explanation is not too confusing.
Disclaimer: ESPlannerBASIC, ESPlanner, ESPlannerPLUS and ESPlannerPRO, are educational calculators designed to give users input in mapping out financial futures, but should not be acted upon as a complete financial plan. The creators of these programs are not certified, registered, authorized, or any other type of financial planners. These programs are simply tools for helping you think through economic futures. Its "recommendations" should be viewed as informative inputs into your own decision-making with respect to saving and the purchase of life insurance. ESPlannerBASIC, ESPlanner, ESPlannerPLUS and ESPlannerPRO provide neither economic, financial nor tax advice, which can only be delivered to you by authorized professionals.
RSS
You'll have to get creative with the Real Estate folder. Basically you'll need to enter your primary home as a rental property, with your new home to be purchased at some point in the future.
The tax issues make this complicated, particularly as you have to recapture the depreciation of the primary home upon sale.
Best,
Dick Munroe
Thanks that was basically my approach