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Updated almost 2 years ago,
Flip to personal residence
Hello BiggerPockets,
Currently I am working on a flip project, I should be done with it before the end of the year. Due to market uncertainty, I might have to postpone selling the property or take a loss. My other half suggested that we should move into the house until market recovers and we should rent out the current house. I am liking the idea instead of renting the new house.
For 2022 tax, I will be able to claim all the expenses, interest, taxes and insurance. Now If I am unable to sell the house and I move into the house, what happens with the deductions for 2023 and previous year expenses that I had claimed in my taxes.
Thank you for taking the time to read and reply to my post.
Pete...