Video Tips: Converting a Home to a Rental? Check Out These Tax Tips
When a homeowner decides to convert their main home into a rental property, it initiates a change in the property's income tax treatment. The basis for depreciation will be the lesser of the property’s fair market value (FMV) or the adjusted basis on the date of conversion. Converting the home from personal use may result in loss of the home sale exclusion when the home is sold.
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