How to Tax Convert a Rental Property to a Primary Home
Changing your rental property to use as your primary home results in tax considerations similar to those for individuals who reverse that process. The dual purposes served by the dwelling during the year require you to allocate expenses between the rental period and the time used as a primary residence. You can deduct as rental expense the part of your costs for such items as real estate taxes and insurance covering the portion of the year the property was held for rental purposes. You stop calculating depreciation when the property is converted to use as your residence.
Instructions
- 1
Determine the date that you no longer hold the dwelling for rental purposes. This is the date you stop trying to place a tenant in the property regardless of whether it's occupied by a tenant.
2Calculate the number of days from the beginning of the year to the date you stopped holding the house as rental property. This is the number of rental days.
3Divide the number of rental days by 365. This is the rental period percentage.
4Multiply the rental period percentage by the expenses you paid covering the entire year, such as mortgage interest, real estate taxes, insurance, mortgage insurance premiums and homeowner's association dues. The amounts for each category of expense are tax-deductible rental expenses.
5Subtract the rental portion of mortgage interest from the total for this expense. Also subtract the part of real estate taxes allocated as rental expense from total real estate taxes. These remainders are the personal components of mortgage interest and real estate taxes that are tax-deductible as personal itemized deductions.
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