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Combining primary residence and investment property
My wife owns our primary residence (condo unit). I bought an adjacent condo unit as an investment property and have been renting it out since 2017.
I have been carrying forward the passive activity losses on the investment property on our tax returns.
We are considering physically combining both condos into one larger condo, as we feel the market value of the larger condo would be higher than the sum of the individual condos. I would still keep renting out the two bedrooms of the condo I purchased in 2017.
What would be the tax implications of combining the two condo units? The combined condo unit would be part primary residence and part investment property, thus the confusion.
thanks!
‎November 17, 2019
2:55 AM