While converting a rental property to a residential property is as - TopicsExpress

While converting a rental property to a residential property is as simple as just moving in, the financial implications are much more significant. Converting it from a rental to a residence removes your ability to deduct expenses from the property from your taxes. It also changes how it will be treated when you sell it. While you may gain the ability to take advantage of the personal residence capital gains shelter, converting it wont eliminate your depreciation recapture tax liability.

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