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i had a home i was renting out as a vacation type rental.

my son returned home last...
i had a home i was renting out as a vacation type rental. my son returned home last year so i let him stay there for no charge. i have stopped renting it, but still own it. do i have to do anything special on my 2010 tax return.
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Answered in 44 minutes by:
3/1/2011
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 30,621
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LEV :

Hi and welcome to Just Answer!


Actually - you converted the property from rental to personal use. There are no any tax complications unless you eventually will decide to sell the property.


You should stop depreciating property when you retire it from service, even if you have not fully recovered its cost or other basis.


If you rented the property part of 2010 – you will file the schedule E and report your rental income and rental expenses for that part of the year.


Let me know if you need any help or clarification.

Lev
Lev, Tax Advisor
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