Originally Posted by IdahoBen
My wife and I are considering renting our primary residence out and hitting the road for a year, maybe 2 (depends on the length of the lease). We have some obligations/plans this year like hosting kids/family for Thanksgiving and Christmas so we most likely wouldn't move forward with this idea until 2022. We don't want to sell our house for a multitude of reasons but we're looking at rent being 3.5x-4.5x of our monthly mortgage. Our HOA doesn't allow short term leases so things like AirBnB are out. I still work full time and my job can be done remotely with the occasional need to get on a flight. The wife is retired.
Is anyone HERE doing something like this? If so how long did you start/plan to be most timing? Are you still doing it, did you cut it short? Comments, thoughts, insight?
Check to see what kind of impact it will have on your taxes. We had 2 homes in Ohio and had MIL living in the one next door. When she passed away our tax person asked "What are you going to do with that house?"
We replied Sell it.
He said "No, sell your house and live in it for 2 years to avoid Capital Gains Taxes, since it was considered a rental for profit."
So do your checking to see if it will change the status of your tax liability, if
you do change your mind to sell, if you realize you love the traveling lifestyle.