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Investors & landlords
If you intend to rent the property out again after you return to your primary residence, there's no need to convert the property to personal use. You can leave it classified as a rental.
Basically, you will be asked for "days rented" in 2021, as well as "days of personal use" in 2021. enter the numbers accordingly. The personal use days will have a direct impact on the amount of depreciation you are allowed for the tax year, as well as the amount of rental expenses you can deduct. So don't be shocked or surprised when you enter $5000 of rental expenses, but less than half of that is actually deducted.
‎February 21, 2022
9:56 PM