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Get your taxes done using TurboTax
Thank you for your response. correct me if I am wrong but since I am currently renting part of the house, I believe if I ever sell the house I would need to recapture the depreciation I have been taking anyway.
If I do convert my primary to rental, one of the three scenarios can happen.
1) I rehab the second home, make it a rental property and move back into my current primary in one to two years
2) I rehab the second home, sell it and move back to my current primary.
3) I rehab the second home, make it my primary and sell my current primary (not an optimal scenario as I would still be paying a lot of money in capital gains on my current primary)
‎December 5, 2023
11:18 AM