Hi all. I apologize if this was covered elsewhere - I did my best to use the search and even followed some of the suggested posts while typing the subject but came up empty.
I purchased my condo in November 2015 and lived in it as my primary residence until April 30, 2020. I "unofficially" converted it to a rental beginning May 1, 2021 and my tenant's lease is up June 30, 2021 at which point I am fairly certain I will sell the unit and if not, refinance as a rental property. I do have a management company that I pay a monthly fee to process rent payments and handle any tenant issues so they have issued a 1099-MISC.
In the section "Was this Property Rented for All of 2020" the software says "the number of days during the year you lived in this rental property before converting it to a rental do not count as personal use. However, when I open the Personal Use section I see personal use does not include days used as your dwelling if the unit was rented for 12 months or more.
Question 1: I am looking to confirm that I should enter 0 as my personal use days even though I lived there as my primary residence becaause overall the lease is for 13 months total (even though it carries into 2021).
Question 2: Does the condo in fact qualify as an actual rental property if it has not been actually been converted, come end of June will have been rented for only13 months of the prior 42 and may be sold. Im inclined to say yes, esp since I have been issued the 1099-MISC, but cannot seem to get a straight answer on this one.
Thanks in advance!
Denise
