While the real estate market has been improving, many homeowners may still find their home value is less than their original purchase price. There are many important tax consequences as a result of the conversion.
Once you decide to convert to rental, you will be allowed to depreciate the property over 27.5 years. Depreciation can shelter some or all of your rental income by providing you noncash deductions. Depending on your specific facts, you may be able to use losses from your rental...Read More >>