https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/if-i-have-2-house-on-a-single-parcel-lot-in-sheboygan-can-i-rent-the-other-one-out/01/1734845#M57065 Or will I get fined becasue I took a fha laon on the property.. the mortgage includes 2 single family house on a single lot. Thank you Fri, 16 Oct 2020 20:16:46 GMT xiongcheexyooj 2020-10-16T20:16:46Z https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/if-i-have-2-house-on-a-single-parcel-lot-in-sheboygan-can-i-rent-the-other-one-out/01/1734845#M57065 Or will I get fined becasue I took a fha laon on the property.. the mortgage includes 2 single family house on a single lot. Thank you Fri, 16 Oct 2020 20:16:46 GMT https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/if-i-have-2-house-on-a-single-parcel-lot-in-sheboygan-can-i-rent-the-other-one-out/01/1734845#M57065 xiongcheexyooj 2020-10-16T20:16:46Z https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/re-if-i-have-2-house-on-a-single-parcel-lot-in-sheboygan-can-i-rent-the-other-one-out/01/1734903#M57075 <P>nothing in the tax laws prevents you from doing what you intend.&nbsp; we can't answer the FHA part.&nbsp;</P> Fri, 16 Oct 2020 23:04:54 GMT https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/re-if-i-have-2-house-on-a-single-parcel-lot-in-sheboygan-can-i-rent-the-other-one-out/01/1734903#M57075 Anonymous 2020-10-16T23:04:54Z https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/re-if-i-have-2-house-on-a-single-parcel-lot-in-sheboygan-can-i-rent-the-other-one-out/01/1734921#M57077 <P>There are no tax consequences. But there could be issues with the lender. It just depends on your loan agreement.</P> <P>Typically, a loan taken for the purpose of purchasing a primary residence and/or second home will commonly have provisions that the property be used within the constraints of the loan type. For example, taking out a residential loan for commercial property would be fraudulent.</P> <P>Typically if you take out a residential loan for a primary residence or second home, the loan terms require the property to be used as such for at least the first 2 years of ownership. Then after that if you move out and convert it to a rental you're not violating the loan agreement.</P> <P>So overall your question is not a valid tax question. But it is a valid question for the lender. Check your loan agreement documents.</P> Fri, 16 Oct 2020 23:37:02 GMT https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/re-if-i-have-2-house-on-a-single-parcel-lot-in-sheboygan-can-i-rent-the-other-one-out/01/1734921#M57077 Carl 2020-10-16T23:37:02Z