Can the previous home be considered investment property ?

[Prashant Deshmane]

Hi - May be a stupid query - but aren't we all learning ! Since we are moving and buying house in another city - we are trying to put the present house for rent - will this house ( rental) be considered as my investment property to get the tax benefits that BP forums talk about or To get the tax benefit , one has to buy a new ' investment property' ? Specifically asking this as I want to write off the expenses on the rental property including furnishing for tax benefits Thanks P

[Jeff Rabinowitz]

If you use a house you currently occupy as a rental it will become an investment property. Any expenses you incur operating your rental property will be deductible on your tax return.