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Investors & landlords
I would like to convert it to a second home, but NOT a principal residence.
For your federal taxes, there is no such designation as primary residence or personal home. It's either business use, or personal use. That's pretty much it. Just work it through the SCH E section of the program and "READ" "THE" "DETAILS" on each screen. You have to do more than just select the option for "I converted this property to personal use". The program will guide you "IF" you read the details on each screen and heed them.
‎November 28, 2020
1:13 PM