Converting a primary residence into a rental.

[John Reel]

I am in the process of converting my primary residence into a rental property. I already have tenants in place. I need to know what the next step is as far as legal contracts/policies, steps to converting a primary residence into a rental (insurance/mortgage/property taxes).

[Dave Foster]

@John Reel, You'll let the IRS know with your next tax filing.  Your cpa will set up depreciation schedules and establish an initial basis for that property.  And it will be reported on your Schedule E on your next return.