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Can I avoid depreciating a rental property if I purchased it and converted it to my primary residence in the same year?
I purchased a rental property in 2021, rented it out for 254 days, and then converted it to my primary residence (still in 2021).
Turbo Tax calculates the depreciation on the home based on the fair rented days. However I don’t plan to rent the home out again. Is there a way not to take depreciation so that I don’t have to pay tax on the recaptured depreciation if I sell the property in the future?
Turbo Tax calculates the depreciation on the home based on the fair rented days. However I don’t plan to rent the home out again. Is there a way not to take depreciation so that I don’t have to pay tax on the recaptured depreciation if I sell the property in the future?
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March 1, 2022
6:58 PM