If the property became your primary residence after a leaseback of less than one year, then depreciation is not to be taken by you, and of course, you can't claim any rental expenses. What you have is referred to as a SILO (Sale In Lease Out) Besides, for 5 months I seriously doubt you have enough rental expenses to make a difference on your taxes anyway. You just need to report and pay taxes on the income. I've looked all over and for the life of me I just can't seem to find on the IRS site where it clarifies if this subtracts from your cost-basis or reduces your sales expenses, or whatever. Hey
@TaxGuyBill HELP! You assisted me with this last year, and I can't find it!
