@taxesohmy2017 wrote:
I have to get it appraised and that appraisal will be my new purchase price when I go to sell it correct?
No, you do not need to get the condo appraised when converting it to personal use.
Your cost basis of $180,000 will still be your cost basis (when you eventually sell) and your adjusted basis will be $180,000 less accumulated depreciation plus the cost of improvements made.
@taxesohmy2017 wrote:
And up to until July 2023, I accumulated $90K for depreciation, that $90K would be the recapture in the future? I just want keep that $90K in mind for future tax purposes.
Yes, you should absolutely continue to keep track of your accumulated depreciation; it will be a critical component in calculating gain/loss (and recapture) when you dispose of the property.
