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Converting primary residence into a rental
The house is in Nevada and i'm working and living in NY now. It was purchased 3 years ago as a owner occupied. Now my brother lives in it and pays all the bills. I would like to turn it into a rental property, not to him.
Will i need to do anything besides change the house insurance to a landlord/rental insurance? How will this affect my taxes? Will I still be deducting mortgage interest and property tax the same? Will I need to start depreciating the house? Anything else I should know would be greatly appreciated. Thank You.