Hopefully this makes sense. I bought my townhouse in 2004 for 135 and it’s currently worth ~300 (not just as a reflection of today’s market but it’s in a prime location). On paper, it’s my primary residence, however, I’ve been renting it out but I keep a room and my mail still goes there (renting to a friend). That will change this year with a ‘real’ renter. At what point will it become investment property and will capital gains apply when I sell it? The 2004 purchase price or today, the market price? If 2004, is there anything I can do to circumvent this by selling it to my partner (of 8 years) or creating an LLC? Or are there any other options/suggestions?
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source https://www.reddit.com/r/RealEstate/comments/rs4vr0/tax_question_for_primary_to_investment_property/
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