Reply to Possible to rent home "under the table"?

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Reply to "Possible to rent home "under the table"?"

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[quote=Anonymous][quote=Anonymous]Your mortgage holder may not approve.

Our neighbor tried to rent out his house and the mortgage company said no. He ended up selling.[/quote]

Your mortgage company will not know that your house is rented out, so whatever was going on with this neighbor goes much deeper than what OP is talking about.  Could be that there is an HOA involved here, specifically condo.  The HOA can prevent an owner from renting out a property.  We own a home that is now a rental but used to be our primary residence.  When we turned it into a rental 15 years ago we did not tell our mortgage company. Not because we were trying to hide anything but because it was immaterial.  We did however tell our home owners insurance company.  If you rent out your home, or change the usage of that home in any way such as running a business out of it that will require you to have commercial traffic in and out of the house you will need to change the type of policy you have on the house. That is critical that you do this.

In terms of "under the table" - if you are living in another state and do not show that the house is being rented the IRS might wonder how in the world you are able to keep two households with your current income, without renting out one of the homes.  But the IRS would have to have a reason to look.  They have bigger fish to fry.

Also, your residence is based on where you earn your income. You can't just decide that you want to legally keep your residence in the state you used to live in just because you still have a home there.

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