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emc011075
emc011075, Tax adviser
Category: Tax
Satisfied Customers: 2851
Experience:  IRS licensed Enrolled Agent and tax instructor
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I converted a rental house to second home, how to treat

Customer Question

i converted a rental house to second home, how to treat depreciation i have taken
Submitted: 1 year ago.
Category: Tax
Expert:  emc011075 replied 1 year ago.

Hi. My name is ***** ***** I will be happy to help you.

Depreciation will reduce your basis in the home, but until you sell the property, you really don't know how much of it you will have to repay as depreciation recapture. For now you just keep the final depreciation worksheet, you don't do anything with it. You will need it to calculate capital gains once you decide to sell the property.

Let me know if you have any questions.