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tchen2729
Level 2

What do i need to do with tax situation I plan to stop renting my townhome?

I have rented my townhome for 9 years, I plan to stop renting it in July and let my son move in. What do I need to report tax for 2020 or I can wait until I sell my townhome maybe 10 years later? Please advise!

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ThomasM125
Employee Tax Expert

What do i need to do with tax situation I plan to stop renting my townhome?

When you do your tax return next year, you need to indicate that you converted the property from rental to personal use. 

 

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1 Reply
ThomasM125
Employee Tax Expert

What do i need to do with tax situation I plan to stop renting my townhome?

When you do your tax return next year, you need to indicate that you converted the property from rental to personal use. 

 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

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