Hello, I am planning to purchase a 3-family home and use one unit as my primary residence while using the other two units as rental property. How do I account for this in ESPlanner Plus? Currently I've created my primary residence as a rental with a token rent ($10) and put the entire residence in the Real Esate section, but I wonder if this will account for it properly. In reality, I should be able to deduct mortgage interest for the portion I will be occupying, and I don't think this method would do that.
Is there a simple way to indicate a change in state of residency without there being a sale of primary home? Client owns primary home in MA and second home in TN. In 2016, client will move to TN permanently, but keep both houses.
Let’s assume a primary, vacation and a weekend house. I would like to setup ESPlanner Plus to model selling any of them in a specific year. I’ve set these properties in the Real Estate screen however where does the cost show up? Does it lower Discretionary Spending? Because it is an expense, I assumed it would be in the Total Spend Report but I don’t see it.
Is there another setup someone can recommend?
How do I model selling my primary home and my vacation home becoming my primary home so that when I sell it 3 years later I can use the tax exemption?