USA Renting my house

[mapchicago1234]

I am considering to rent my home out for the next two years to and help a eldery family member out of the area. I have a business I can run from anywhere. If I convert my house to a rental for two years and then move back and live in it again . What tax issues do I need to look out for? What happens if I dont move back and just sell the house>

Thank You

 

[kirby]

Biggest issue is being able to claim the $250k homeowner exemption when you sell. Rule is going BACK five years from date of sale you must have owned house for any two years and lived in it for any two years.
Another issue is your tenant. If unrelated tenant stiffs you for rent you kick them out. Impossible to do so when tenant is elderly out of area relative

 

[accounting nerd]

Yes, things can get messy with family member tenants.

 

[caspergreen68]

Thanks for providing information. I am also gonna consider these points as I am also planning to rent my house.

 

[wendyjames2]

I suggest you seek our professional advice before doing anything. it is the safest way to go in this case I'd have to agree with accounting nerd - it gets messy.