The Tax Professionals Blog — rental property
Converting a Home to a Rental
Posted by Lee Reams Sr. on
It is not uncommon to have a client convert a personal residence to a rental property. Some even think if they convert to rental use a home that has declined in value, they can then deduct a loss when they sell the property, which is not the case.
Short-Term Rentals
Posted by Lee Reams Sr. on

The Tax Implications of Renting to a Relative
Posted by Lee Reams Sr. on
When a taxpayer rents a home to a relative for long-term use as a principal residence, the tax treatment of the rental depends upon whether the property is rented at fair rental value or rented at less than the fair rental value.