11-02-2021, 01:58 PM
(11-02-2021, 01:31 PM)ChadR Wrote: Ken, I would advise you not to do #7. Turning a primary residence into a rental is a mistake. You are giving up to $250k ($500k) tax free profit from the sale of your primary residence. If you turn it into a rental, you have a lower depreciable base and you just gave up a huge tax free gain. If you really want a rental, sell the house and then turn around a buy a rental for what you just sold your primary residence for.
Wow, I didn't know that! Thanks for the advice!