Mortgage Question

Forum|Forum|5 years ago
December 18, 2020
1 reply
2 views

Hello.

i currently have a mortgage in Arizona. As of December 22,2020 I will have had it a year.

I live here with my mom and rest of family.

How do I go about it if I want to move to another state (IL) but continue to pay my mortgage in AZ? What tax penalties would I be looking at?
keep in mind I do not want to make a profit with the property I merely want to keep paying it but not live in it.

Not A Product Question

xmasbaby0

Level 15

Why do you think you would have penalties for not living in the house? If you keep on paying your mortgage, what do you imagine the problem will be?

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

xmasbaby0

Level 15

@aie You said you are not selling the house for a profit. Are you selling it at all? It does not sound like you are planning to sell it if you are talking about making the payments. Are you worried about paying capital gains tax someday if you sell it and it has not been your primary residence for 2 out of 5 years?

Trying to understand what you are worried about and why you are mentioning "penalties."

aieAuthor

Level 2

Hello. Thank you for your response.
I would like to continue making payments on the mortgage while I live in a different state.
I know very little of the laws of owning property while living in another state. I just want to know if there are steps I should or could take to make sure I do not do something illegal.
also would my taxes change if I live in Illinois while making a house payment for an Arizona house? Would this change my loan rates at all?

and no I am not worried about the capital gains I do not have plans to sell before 5 years.