[Reg. §1.168(i)-4(b)] [Reg. §1.165-9(b)(2)]
Many people have built impressive residential real estate portfolios one property at a time, living in the property while fixing it up thus declaring it their primary residence for income tax purposes and then moving onto a new house to fix up and subsequently rent out, and repeat. Several of my friends in Colorado, Minnesota and Wisconsin are doing this to one or more homes per year. Good for them!
For those with the tools and the skill set it is a great way to navigate life. For me, I know as a matter of fact my wife would have divorced me 3 time over if this was my calling. She just has a thing about living in a kept up uncluttered house. Nevertheless my friends usually Read More