Converting Residence to Rental & Schedule E

[David Bunyea]

Hello, last year I became a landlord in large part due to the Bigger Pockets Podcast. I moved into a new house and rented out the house that had been my primary residence prior to the move. Now that it's tax season I need some professional guidance on properly calculating my basis for tax purposes. Also need to better understand basis for 2021 tax purposes vs basis for future capital gains tax purposes, or if there's even a difference! The person preparing my taxes doesn't seem to be an expert in this area so I'm looking for either a tax attorney or CPA that can provide some clarification. I would appreciate any recommendations!