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Convert residence to rental
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Convert residence to rental
Convert residence to rental
Submitted by Intuit Tax Advisor Team on 02-14-2023 07:41 PMThe tax benefits for converting a personal residence to a rental include generating positive cash flow from a property that may be subject to a nondeductible loss. Conversion to rental changes an otherwise nondeductible loss to a passive activity loss that could be taken in the future.
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