I'm beginning the process of converting a duplex (two family) that I own to condos for retail sale.

Just hoping you all here could give me a hand, i am filing my taxes online with rental income for the first time and i need help with this form- New, Used, or Converted (Building) Form 4562 Which describes this property on the date you first started using it for business purposes?

One of those upsides is an all utilities paid or partial utilities paid building that can be converted to tenant paid utilities.

I built (literally bolted and nailed it together myself) my own Geodesic Dome home in the late 80's and learned about purchasing land, getting the owner to carry the loan, getting construction loans and converting them both to conventional loans.

What will you have to do to convert it to multi if not already set up that way?

Don't forget that your making it a bit harder to sell converting from 4 to 6 units.

If I bought a brand new $100,000 Mercedes convertible today and sold it to Brian tomorrow for $5,000, does that mean that the Mercedes is only worth $5,000?

All that is required to validate the exchange is that the property be held for investment use and not immediatedly converted to personal use.

I have seen a lot of people convert over for tax advantages.

It can be converted into a duplex but cannot have the footprint changed.