"Paul Thomas, CPA" <paulthomascpapc[at]bellsouth.net> wrote
- quote -



Much obliged, Paul.

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

"Elle" <honda.lioness[at]spamnocox.net> wrote
- quote -


No.....in general. If fo some reason, there was an item(s) that Section 179
was taken, there may need to be some recapture. It isn't common practice in
a rental activity, but thought it worth mentioning.



- quote -


True. Your basis is the depreciated basis.





- quote -



It's the same.




--
Paul A. Thomas, CPA
Athens, Georgia

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

Posting for a friend:

1.
Are there any tax implications if I change a rental property
(a cottage) to a primary residence? I am wondering if this
means that I will have to pay taxes in the year I change the
cottage from rental to primary residence on all of the
write-offs the rental provided throughout the years. From
the research I did on google it appears that I only pay
taxes if I sell the rental.

2.
Are there any tax implications if I change a rental to just
a non-rental? That is, the cottage is no longer rented, but
it is not my primary residence either.

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >