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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?
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‎June 4, 2019
1:10 PM