569570
You'll need to sign in or create an account to connect with an expert.
Without going into too many details, if you converted the property to a rental, then you will have business use of the property. Down the road when it is sold, even if you are living in the home again and no longer renting it, the fact that it was used for business purposes will require you to recapture depreciation “allowed or allowable”. So even if you choose not to depreciate it, you will be required to take depreciation into account when it is sold.
For that reason, claiming the depreciation during the time the house is a rental may be your best option.
Without going into too many details, if you converted the property to a rental, then you will have business use of the property. Down the road when it is sold, even if you are living in the home again and no longer renting it, the fact that it was used for business purposes will require you to recapture depreciation “allowed or allowable”. So even if you choose not to depreciate it, you will be required to take depreciation into account when it is sold.
For that reason, claiming the depreciation during the time the house is a rental may be your best option.
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.
xiaochong2dai
Level 2
tcondon21
Returning Member
heueh9456
New Member
jaxsonsmommyy1624
New Member
luclaydaniels6
New Member