Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
General Real Estate Investing
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated about 5 years ago on . Most recent reply

User Stats

15
Posts
8
Votes
Craig McNally
  • Rental Property Investor
  • Radford, VA
8
Votes |
15
Posts

converting rental to primary home, no intention to sell

Craig McNally
  • Rental Property Investor
  • Radford, VA
Posted

Hello, We're in the process of purchasing a single family house that my wife and I imagine ourselves living in a few years from now.  Looking through posts, everything I have seen deals with the tax implications of converting a rental to primary and then selling two years later.  I'm not interested in selling and am looking for advice on what we can do that would be advantageous before becoming our primary home.  For example----

1) The loan can be refinanced from an investment to primary, assuming interest stays this low.

2) All the repair and renovation work we do in the next few years will count as a business expense.

Is there anything else that can be done to offer a financial benefit?

Its likely we would also build a basement apartment and rent that out if we live in the main part of the house.

Loading replies...