I inherit a house with tenant living in it. so I know the property is consider as rental property since I need to inherit tenant's lease. so for now, it is a rental property.
is there anyone know, what I need to do to let this property become a pure investment property when lease ends?
selling a rental property is too much involved, I just want to do a pure capital gain and not dealing with depreciation tax recapture...
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is there anyone know, what I need to do to let this property become a pure investment property when lease ends? When the rental ends you will just take it out of service on the tax return in the asset section to stop the depreciation.
selling a rental property is too much involved, I just want to do a pure capital gain and not dealing with depreciation tax recapture... And like it or not you will have to recapture the depreciation taken no matter if the property is an active rental at the time of sale or not. If you don't feel comfortable using the TT program then you may consider using a paid preparer for that tax return in the year of sale.
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