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What if I loan my house to someone?

Author tony
Participant 

#1 - Posted: 17 Apr 2013 17:46 
What if I loan my house to someone? Can I still maintain homestead exemption?

Author johnbsims3
Admin 

#2 - Posted: 19 Apr 2013 04:49 
If there is no rental of a substantial portion, yes, but you must intend to return to the home in the future and maintain it as your primary residence.

Author tony
Participant 

#3 - Posted: 21 Apr 2013 03:59 
So I have to occupy 51% at least for the homestead to by qaulified?

Author johnbsims3
Admin 

#4 - Posted: 21 Apr 2013 05:39 
Good question Tony. The law changed last year regarding rentals. It used to say that you had to rent the ENTIRE property to lose the exemption. This year, the law states you cannot rent a substantial portion or "Substantially All" of the property. What that term means is open to interpretation by each of the 67 county property appraisers. Some may say 51% or more, or some may say 90% or more. Who knows. I have been trying to get a statutory definition of what the Legislature meant inserted into the statute to no avail...yet.

You can loan you home to someone (whatever you meant by that) but when there is a rental or lease contract involved, that is where the issue gets complicated.

Author SLink
Participant 

#5 - Posted: 7 Jul 2013 17:49 
If there is no formal contract, does that mean that it isn't really rented?

Author johnbsims3
Admin 

#6 - Posted: 7 Jul 2013 18:54 
Possibly...If no rental contract, no proof of rental. A license may be the option. THIS THREAD may be of interest to you: http://www.homesteadpropertyexemption.info/index.p hp?action=vthread&forum=6&topic=869&page=0#msg1495

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What if I loan my house to someone?
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