Primary to rental property for tax loss?

You will have to get a good appraisal and keep the written records of this at time that you do decide to do this in this way.

The fair market value on the date that you would convert the condo to a rental property would the cost basis that would start your depreciation schedule amount for and when you would sell the condo in the future the FMV when you started the rental less the depreciation amount each year that it would be a rental property would reduce your cost until the date of the sale and then you would have to file the tax form 4797 showing the adjusted cost basis in the year of sale and the selling price and then you would be able to determine your gain or loss from the date that you converted it to the rental property. Not your original cost in the past when it was used as your second home and you had a loss up to that point when it was converted to the rental property because that was a personal loss on the asset and is NOT deductible at all.

Hope that you find the above enclosed information useful and good luck.

you rather could hire an accountant to communicate this with you. The passive loss variety 8582 rolls to 2009. Your 2008 and 2009 quantities are merged. in case you have an average earnings, you declare it. in case you have an average loss, you *could* get to take a number of it, yet on condition which you actively take area in the valuables that's would be not difficulty-free to do long distance. variety 8582 can run till you sell the valuables. declare the depreciation. you're able to on a for-earnings condo--so skipping it in basic terms gadgets you up for earnings once you sell. If that's condo sources, you won't be able to declare the interest/taxes on schedule A. Use schedule E such as you're meant to. you're able to do 2 returns. Illinois because of the fact it rather is the place the valuables is. (So specific, you will shop submitting it each and every 3 hundred and sixty 5 days you own the valuables.) in spite of in case you moved. You record that as non-resident and record California as resident and take a tax credit for the quantity paid to Illinois.

Yes, but your basis as rental property is its value when you converted it so any loss you've already taken is gone. If for example you paid $200,000 for it, it's worth $140K now and you converted it now, then sold it in a couple years for $120K, only the 20K after the conversion could be deducted, not the $60K you already lost while it was your personal home.

of course if you convert your residence to a rental and eventually sell it on the portion of the time you held it out as a rental would apply to your lose

ie if you owned it 10 yr and rented 2, that would only be 1/5, the entire loss would not apply since it was not 100% rental investment property to begin with it was one time your residence

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No. When you convert to rental the basis goes to Fair Market Value.

Well, the only way you could take a loss is if you bought it for investment purposes. If it has been your primary residence, you can't take a loss on it.