Thanks view2! One response I saw above suggests "you will have to recapture (pay tax on) the depreciation you took or should have taken". 1) If I am only claiming expenses and NOT depreciation, would I still have to recapture (pay tax on) the expenses claimed in loss calculations such as repair cost or this rule only applies to depreciation. 2) What's the period after which I wont have to pay recapture tax if sell the property.
3) Also, view2 would you agree if I consider that as a reduction in purchase price. If yes, can i still report the property tax for the 59 days rental period in my personal section of the tax return where i am reporting my first home purchase? 4) Initially i was splitting the property tax between 59 rental days (Schedule E) and my personal use based on a pro-rata basis. Thank you.
