I set up the rental side as a separate property. I am not selling the house.
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You will treat the personal area of the duplex you are converting to a rental as a new rental property.
You will have to determine the cost basis for the new rental property and use that amount for depreciating the new rental unit.
You will not adjust the cost basis for the existing rental unit
You will treat the personal area of the duplex you are converting to a rental as a new rental property.
You will have to determine the cost basis for the new rental property and use that amount for depreciating the new rental unit.
You will not adjust the cost basis for the existing rental unit
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