Tax, SDIRAs & Cost Segregation
Market News & Data
General Info
Real Estate Strategies
Short-Term & Vacation Rental Discussions
presented by

Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Tax, SDIRAs & Cost Segregation
presented by

1031 Exchanges
presented by

Real Estate Classifieds
Reviews & Feedback
Updated over 12 years ago on . Most recent reply

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.