Is it true that if we rent our apartment, which is our primary residence, we automatically have to pay 20% of the purchase price in federal taxes? We would be renting elsewhere. The apartment is in Brooklyn, if that matters.

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What? No.

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No!

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That statement makes no sense, why would you pay income tax on the purchase price.

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I agree, just doing due diligence

Only tax change i can think of beyond handling the rental income would be loss of any local prop tax homestead exemptions. That isnt federal and probably also not a thing everywhere.

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Thanks

Maybe he means if you sell the property later? For example, you can sell your primary residence without paying any capital gains tax. But you’d pay tax on it once you convert it to investment property.. but only upon sale not upon conversion, so not sure what your friend is talking about.

Thank you, that makes perfect sense and is much easier to see how he could be confused.

You have to pay taxes on the gain when you sell it - but only if you have lived there less than 2 years. If you have lived there for more than 2 years then you won’t be taxed if you sell it.
At least, that’s how it was explained to me a while ago. Might have changed. I’m not a CPA.

Lol no

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