You almost certainly have been there long enough to establish residency.

This is why it's best to consult with an accountant before deducting anything from your income tax.The assets that are eligible for bonus depreciation, (defined as 5, 7,or 15-year property by the IRS in the MACRS) applies both to commercial and residential, as long as it is not one's personal residence.

With your personal residence, you have minimal, if any, advantage through asset protection.

Your name will still be on the lease at your current residence so it will be pretty easy to prove that you aren't truly occupying the new multi-family.

I would also point out that you did not give enough of your current status as to strategy, risk tolerance, age, income currently, etc. etc. etc.There are different options available for a private residence.

I currently own one rental property in the Seattle area (formerly my primary residence).

He will begin his dental residency this summer.

I was a long-time GTA resident before moving to Calgary (and now Dallas).

I understand we have to live in it as a primary residence for at least one year but are there limitations with actually living in the home?

They weighted in three major categories:Emotional and physical well beingIncome and employmentCommunity and environmentI think these lists have value as cities try to attract businesses and residents.