Updated over 7 years ago on . Most recent reply
Depreciation Basis on primary turned into rental
We are contemplating turning our primary residence into a rental. It was purchased in 2007 for $68,500 and we don’t know how determine the cost basis for depreciation. Also if improvements/repairs (furnace, paint, flooring) need to be done should we do those while it’s still our primary or after we place it as a rental?