Investors & landlords


@wleuter wrote:

......We might rent it again for part of year in the future if we travel again but can not decide now....


I just re-read this part of your post, @wleuter. If you are uncertain with respect to your future plans, you might want to treat this scenario as not rented for profit rather than some sort of regular rental activity or vacation rental.

 

See https://www.irs.gov/publications/p527#en_US_2022_publink1000219164

 

Since this appears to be your principal residence, you do not want to have to deal with depreciation recapture (unrecaptured Section 1250 gain) when you ultimately sell your house (for which you would typically qualify for an exclusion from gain per Section 121).