Converting your home to a rental
Varies
Can You Write Off Converting Your Home to a Rental?
Short answer: Depreciation starts at the lower of your cost or the home's value when converted; you may keep the $250,000/$500,000 exclusion if you sell within three years.
Keep records of the conversion date and value.
Records to keep: Keep leases, receipts, a log of repairs vs improvements, mileage to the property, and closing statements.
Converting your home to a rental
Varies
Real Estate / Landlords / Property Managers / Agents
Depreciation starts at the lower of your cost or the home's value when converted; you may keep the $250,000/$500,000 exclusion if you sell within three years.
Business justification
Depreciation starts at the lower of your cost or the home's value when converted; you may keep the $250,000/$500,000 exclusion if you sell within three years. Keep records of the conversion date and value.
Category
- Rental Property Write-Offs