Hello,
Three years ago, because my divorce, I was rushed to buy a new property that was not right for me.
My son hated the property and we struggled through 2 and half year. I was lucky that my friend was moving out of town and her landlord let me take over her place. I rent out my property and moved to my current rental property.
So now, I am both a Landlord and a Renter - I am paying more rent than I receive and my rental house is bigger than my own, now rental property.
Questions:
Much appreciated.
You'll need to sign in or create an account to connect with an expert.
No. The rent you pay is a personal expense and is separate from your business rental activity.
Hello new landlord ... just a few tips. In the year of the conversion from personal use to rental the personal use days AFTER the conversion will be zero and you should prorate the expenses manually and only enter the rental portion in the Sch E section. Also depreciation is a requirement and not an option ... do not skip the asset section. https://www.irs.gov/pub/irs-pdf/p527.pdf
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
Christina Brackin
New Member
collins0994
New Member
Joyce-jb33
New Member
sundar1969
New Member
rrosenberger2
New Member