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nokeneck
Joined:
08/29/2010
Posts:
81
Likes:
155
What's this?
Another link re Rental conversion to primary residence. You are
required to prorate part of gain to exclusion and part to taxable. See example at end of article.
(
In response to
this post
by
Zhoo
)
Link:
Rental Property to Primary Residence Conversion
Posted: 06/08/2023 at 2:08PM
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Current Thread:
Rental property tax geniuses...
--
81_Hokie
06/08/2023 1:08PM
You have to recapture depreciation. **
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Hokieesith
06/08/2023 1:45PM
Assumed so but read something that seemed otherwise. Thanks **
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81_Hokie
06/08/2023 2:02PM
Here is a link to an article that you may find of interest
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nokeneck
06/08/2023 1:36PM
What happens if you sell it as a rental property?
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Zhoo
06/08/2023 1:58PM
Another link re Rental conversion to primary residence. You are
--
nokeneck
06/08/2023 2:08PM
It's been a while, but I believe the depreciation recapture at
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Shenhoo
06/08/2023 1:13PM
Seems like it would have to be that way but I read something the other day
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81_Hokie
06/08/2023 1:49PM
I think that’s right. Trying to figure out what to do with mine.
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BocaHoo91
06/08/2023 1:34PM
Is your rental in an LLC? **
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Zhoo
06/08/2023 1:54PM
No **
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BocaHoo91
06/08/2023 2:04PM
Why not?
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Zhoo
06/08/2023 2:07PM
Probably laziness more than anything. I don’t
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BocaHoo91
06/08/2023 2:20PM
You don't need to have one. Usually the reason for an
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Hokieesith
06/08/2023 2:19PM
I was under the impression you can do alot more with "business write offs"
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Zhoo
06/08/2023 4:17PM
You can write off anything business related with or without an LLC.
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BocaHoo91
06/08/2023 5:13PM
But dont you pay less taxes in an LLC than not in one?
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Zhoo
06/08/2023 10:35PM
Correct. It doesn’t make a difference for write offs.
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Hokieesith
06/08/2023 8:01PM
Not really. LLC's are filed from a tax standpoint as a
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Shenhoo
06/08/2023 4:24PM
Thanks for confirming my exact thoughts on why I haven't bothered
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BocaHoo91
06/08/2023 3:52PM
Yeah. I will unload some rental property at some point
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Shenhoo
06/08/2023 1:46PM
I definitely can’t do it this year. All my unvested stock
--
BocaHoo91
06/08/2023 2:14PM
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