However, the beneficiary interest is not a disclosed matter re the trust.You need to check any tax concerns with your tax professional.Stay safe out thereAlan

There are only 2 ways, as I see it in the current market, to get actual income/cash flow from a rental property - a paid off long term/mid term property or a well bought short term or rent by the room rental.

Investors get stuck and cannot cash out because of tax complications.

I am assuming that this means I can deduct interest paid to original lender and report the interest I received from buyer as income like Ashish mentioned? 

How would I divide the unit I live in between myself and the roommate for tax purposes?

Process, costs, upfront taxes/fees.

I am considering selling my primary right now, which will put $400k into my bank account after fees and taxes made on gains. 

I am in one of the higher tax brackets and could be saving around 40k~ a year on taxes with this.

My goal is to leverage that equity for additional income.

My question is how to I do my taxes do I add the vacant property and closing costs or should wait until next year when there’s an actual building?