From June 1997 till January 31, 2016 my wife and I rented out a single family home, which was our primary residence before June 1997, in a suburb of Dallas, Texas. The renters vacated the rental on January 31, 2016 and since February 1, 2016 the home has undergone a renovation, in fact I am still working on it. We want to convert it from a rental to a second home but continue to live in our current primary residence. Can this be done for this tax year (2016). We want to hold it as our second home for at least two years, till Feb 1, 2018, at which time we may want to sell. Would we have any problems with any IRS rules and can Turbo Tax handle this type of situation...........
