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How do I classify my second purchase

Current situation - California.

With estimated numbers.

Let’s say my primary residence is worth 1m. And the mortgage was paid off last week.

I want to buy a property let’s say 500k to an area 45 miles by car away without doing anything to the first property. I plan to sell it next year and claim the 250k home sale exclusion. (Reaches 2 years in June next year)

How do I classify the second purchase to the bank/underwriting ? Do they report to the IRS where my primary residence is ?

My work is closer to the primary home. (Now remote until next year)

Since it is 45 miles away, what reason can i use if I want to buy that as a second home ?

Let’s say according to google maps, there are different ways to get there. 45 miles and 65 miles (through hills) is that ok if they ever mention the less than 50 miles ?

submitted by /u/darkmwar
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/j2dqzk/how_do_i_classify_my_second_purchase/
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