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Good afternoon. The tax benefits are basically the same on the deduction side; on the revenue side, you obviously will now not have the rental income. You will now report the deductions on Schedule C rather than Schedule E, but the result is pretty much the same. You will continue to get to depreciate the portion of the house attributable to home office and get the same deductions related to that percentage of the home being used for your home office...taxes, utilities, insurance, mortgage interest, repairs, etc.
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