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Updated about 4 years ago,
Converting primary residence to rental - depreciation?
Hi BP community!
New to this all, but have spent a couple months reading, listening to podcasts, reading forum posts. I started making an inquiry of an off market property and found a new/different opportunity from the same seller and am looking for some thoughts.
Basically I'm considering buying a SFH that's currently a rental, moving my family and I into it for 1-2 yrs, then holding onto it and rent it out. My question is if I make improvements on it in year 1 while it's a primary residence, can I take the expense write offs and begin the depreciation expenses in yr 2 when it's no longer primary but a rental? Ideally I'd like to take advantage of bonus depreciation and/or 100% bonus depreciation.
Thanks!