Tax implications of converting your home to a rental …


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Despite the length of this title, today’s post will be really short … because I have NOTHING to add on the subject of taxes. They are something to be paid – or not paid – depending on the advice of a QUALIFIED tax practitioner (accountant and/or attorney) in the area that you are interested.

Personally, I have only a slight hiccup in signing tax checks for over $1 Million (as I have for the last 2 tax years in a row) because it means that I have made a TON more money πŸ™‚

… and, I rely totally on good advice; but, I pay for conservative, specialist opinion where necessary.

However, I have noticed that I number of my readers (and contributors) have recently converted their own residences into rentals, so I thought that I should perform a Reader Service by pointing you directly towards the excellent Tax Tips Blog so that you can read some excellent advice, straight from the “horse’s mouth”:

Disclaimer: I have NO IDEA whether this is good, bad or indifferent advice … that’s what your accountant is for! πŸ™‚

But, I would like your opinion

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2 thoughts on “Tax implications of converting your home to a rental …

  1. Yeah, this can get pretty confusing really fast if you haven’t had much experience in this area. We are going to leave our stuff up to a good accountant regarding this for sure! πŸ˜‰

  2. Pingback: Exciting Money Making Opportunity? Horses … « How to Make 7 Million in 7 Yearsβ„’

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