But if you hang in there and muscle through, you will reap amazing financial rewards.

Yes, you'll need to declare the rental income, but it is passive income, not earned income.  

If they have completed it, they cannot declare again for many years, and often lenders feel they are !

Good 'ol Rush came out the hospital in Hawaii straight for a press conference to declare that there is nothing wrong with our health care system and he is the evidence of it.

An ejectment action usually is where ownership of land is in question, and the court must declare who is the owner.

And when interest rates were higher, bigger deposits actually generated over $10 in annual interest leading to a 1099INT being sent to the tenant.That is pretty much it - so how could the IRS declare that deposit money as part of my income?

Bush to declare 2008 "the National Year of the Bible."

I scheduled an inspector who looked at the home, and after his report, in conversation to me, declared it as "marginal" (most other matters of the home were satisfactory and require mild rehab).

Another example of government flexing its overreaching muscle.

These steps will tell you both time and dollar cost for the legal conversion you envision.If it is a go (either as a declared personal use or a declared business use at this point), get yourself  and the property insured for all perils including construction perils for the period of modification.