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Updated almost 4 years ago, 01/18/2021
Renting while living
Hey all, first post!
Anyway, hopefully I posted in the right section. So I currently own a single family home and just purchased an additional 10 acres I'm going to build another house on, I just refinanced the S/F home from a 30 to 15 and dropped 1% off the interest rate (2.625). Now that I have that squared away, I am after the equity, so my Rental question. As far as I understand, the depreciation I can claim on taxes on that house as long as it is listed for rent is the value/27.5 years, BUT, it has to be listed and active, is it legal for me to list it as available while I'm still in it as far as something like "For rent, available Feb 1" which technically it would be and that's fine if someone wants it they can have it. Kind of a stupid question and I'm sure of it I know the answer I don't see what the issue with doing that would be but you guys/gals are the experts at this and any helpful advice would be appreciated, I'm here to learn. Thanks!