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hey everyone chad pavel cpa here lets talk about real estate the simple maneuver of converting your personal residence into a rental property brings with it many different tax rules mostly good for you though when you know how they work to your advantage the first question that arises when you convert a personal residence into a rental property is how to determine the propertys tax basis and thats for depreciation purposes as you rent the property out but its also for the gain and loss purpose when you eventually go to sell that property in the future so knowing these differences can save you or lose you a lot of money and even create some troubles with the IRS if you dont do them properly anyway oddly enough two different basis rules actually apply when you convert your home into a rental property so lets say that you convert your home into a rental and then five ten years later you sell it at a game your basis on the conversion date is the usual computed amount which is the cos
