Temporarily converting a personal residence to income-producing property.: An article from: The Tax Adviser

This digital document is an article from The Tax Adviser, published by American Institute of CPA's on February 1, 1994. The length of the article is 2930 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.

From the supplier: A personal residence can be converted into rental property, allowing the taxpayer to take advantage of deductions for depreciation and other expenses available for income-producing property. Net income or loss is treated under passive activity rules. If the property is sold while still rental property, the gain is taxable and loss deductible. Tax-free rollovers are not available to the taxpayer but like-kind exchange and involuntary conversion options are. After converting back to personal use and waiting the proper holding period, more nonrecognition and deferral options are available.

Citation Details
Title: Temporarily converting a personal residence to income-producing property.
Author: Vernon M., Jr. Martin
Publication:The Tax Adviser (Magazine/Journal)
Date: February 1, 1994
Publisher: American Institute of CPA's
Volume: 25 Issue: n2 Page: 107(4)

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