I own a home that was purchased as primary residence in 2021, recently moved to a different state and that home is now being rented out as my first investment property. When I go to purchase another home in my new state, how are taxes affected on my rental property?

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Are you asking how will you be taxed on income made from your rental property? Or what happens if you try to sell it? Unless you bought before March of 2021, you wouldn’t be eligible to exclude $250k/$500k (single vs joint) - “in order to qualify, the taxpayer must own and use the property as a primary residence for two of the past five years.”

Most states (maybe all) will tax all residents income regardless of where you earn it. I live in Ca and own a rental in Co. I pay Ca tax on my rental income but also file nonresident tax in Co. Co. allows me to deduct any tax I pay to Co and since the rental isn’t profitable anyway I don’t actually pay any tax in either place. But let’s say I lived in Nevada where there’s no state tax and my rental was profitable, then Co would get money.

In Florida, once the property is no longer your homestead, property taxes go up. Since you only held it for a year, all you're going to lose is the homestead exemption itself. But if you had lived there for multiple years, you could have had the save our homes valuation cap accrue a large reduction in property tax value, so that property tax value would either jump up to market value when you left or by 10%, whichever is less.

I think what you are asking is how to report these two homes on your 1040? Your new residence will now generate itemized deductions on Sch A (assuming these are better than the standard deduction).

Your ‘old home’ now converts to a rental property reported on Sch E. The rental property is not eligible for the $250/$500 gain exclusion, but you can now opt to depreciate it and deduct all expenses. There is way more that you can deduct on a rental than a personal residence.

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