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Can I rent out my primary residence?

 
 
Jeroxac
 
Reply Thu 29 Aug, 2013 03:37 am
I would like to rent out my primary residence in Jacksonville,Fl and move in with my girlfriend in Philadelphia, Pa. I was given $10,000 by the city and I do not have to pay it back as long as it stays my primary property for 5 years(I have live in the home for 2.5 years). When I move to Philly I only will be cosigning with my girlfriend. Am I still within the system of Jacksonville being my primary home????!!!!!!
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Type: Question • Score: 5 • Views: 1,786 • Replies: 7
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jespah
 
  2  
Reply Thu 29 Aug, 2013 05:30 am
@Jeroxac,
Take some of that 10 grand and spend it on an attorney who can tell you definitively.
PUNKEY
 
  1  
Reply Thu 29 Aug, 2013 07:22 am
You can own property anywhere you want.

It's what state you declare you are a resident of that matters.

Talk to a real estate lawyer to make sure. There are tax implications, for sure.
roger
 
  1  
Reply Thu 29 Aug, 2013 07:46 pm
@Jeroxac,
If you move out, and rent it to someone else, it isn't really your primary residence anymore, is it?
0 Replies
 
parados
 
  2  
Reply Thu 29 Aug, 2013 07:56 pm
@jespah,
Yeah, a lawyer can probably tell you for sure.

But I am guessing that if you move out and rent the place there is no way in hell the city is going to see that as you living there which means you will have violated the agreement and will have to pay back the money.
0 Replies
 
tsarstepan
 
  2  
Reply Fri 30 Aug, 2013 07:46 am
@Jeroxac,
Some cities it's illegal to sublet ones apartment. As Jespah said already... hire a real estate specialized lawyer and use his expertise rather then a strangers who can't ethically give you legal advice.
0 Replies
 
panzade
 
  1  
Reply Fri 30 Aug, 2013 09:16 am
@Jeroxac,
What about your Florida Homesteading exemption?
That $50,000 knocked off the value of your home for property tax purposes might be a cool chunk of change come tax time.
0 Replies
 
Ticomaya
 
  2  
Reply Fri 30 Aug, 2013 09:36 am
@PUNKEY,
PUNKEY wrote:
It's what state you declare you are a resident of that matters.

"Matters" for what? His question is whether or not his moving to Philadelphia will violate his contract with Jacksonville for the house to remain his "primary residence" for the next 2.5 years. It's doubtful that merely "declaring" his domicile to be Florida will result in a finding that his Jacksonville home is his "primary residence," when he is in fact primarily living in a different house in a different state.

But what is the definition of "primary residence"?

We can all guess at the answer, but really that is the question that should be posed to the attorney that Jespah suggested the OP consult.
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