watersdo
New Member

Converting basement rental back to personal space?

I rent out my basement and I'm considering converting it back to personal space.  I've been reporting my rental income from it on Sch E and claiming depreciation for it the last 10 years.  My home has increased in value substantially. I'm assuming that I'll owe taxes and have to repay depreciation once I stop using it as a rental.  Can someone please provide guidance for estimating what I will owe?