Moving into your rental property
Varies
Can You Write Off Moving Into Your Rental Property?
Short answer: You can move in and later use the home sale exclusion, but gain tied to rental years after 2008 and all depreciation stay taxable.
You must live there two of the five years before selling.
Records to keep: Keep leases, receipts, a log of repairs vs improvements, mileage to the property, and closing statements.
BW-B23-00641
medium risk
Moving into your rental property
Varies
Real Estate / Landlords / Property Managers / Agents
Rent & Facilities
Rental Property Write-Offs
You can move in and later use the home sale exclusion, but gain tied to rental years after 2008 and all depreciation stay taxable.
BizWriteOffs provides educational information only and is not tax, legal, or accounting advice. Deductibility depends on your specific facts and records. Consult a qualified tax professional.
Business justification
You can move in and later use the home sale exclusion, but gain tied to rental years after 2008 and all depreciation stay taxable. You must live there two of the five years before selling.
Category
- Rental Property Write-Offs
rental property
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