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

[tchen2729]

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!

[ThomasM125 · Accepted solution]

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