We had a rental property for 15ish years. When we divorced last October, I was awarded the rental property and it is now my primary residence. For all of 2024, we did not rent out this property, so no rental income. I usually do my taxes myself and I'm wondering how I would show this new situation. Technically, it was not a 'rental property' in 2024. But we also did not sell it. So I don't think I should have to figure in capital gains tax because it is unrealized and I believe if I live in it for at least 2 years it would not be considered a rental investment anymore. What should I be considering regarding this with my taxes this year?
Summary for 2024:
- No rental income
- Min expenses for rental property
- Divorced in Oct
- Now rental property is my primary residence
Thanks!
