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In this video, Chad Pavel, a CPA, discusses the tax implications of converting a personal residence into a rental property. He highlights the importance of determining the property's tax basis for depreciation, as well as for calculating gains or losses upon selling the property. Understanding these rules is crucial, as improper handling can lead to significant financial losses or issues with the IRS. Pavel emphasizes that two different basis rules apply when a home is converted into a rental. He notes that the basis on the conversion date is typically computed using standard methods, which helps in accurately assessing taxes during future sales.
