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Level 2
posted Apr 15, 2020 5:59:58 AM

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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1 Best answer
Expert Alumni
Apr 15, 2020 3:26:22 PM

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

 

1 Replies
Expert Alumni
Apr 15, 2020 3:26:22 PM

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