Updated over 9 years ago on . Most recent reply
Converted Primary Residence to Rental Property in 2015
We converted our primary residence to a rental in 2015 and purchased our second home which is our current primary residence.
a) Are there any specific tasks that i should do like inform our first property bank or update the home owners insurance ?
b) Are there any tax activities that needs to be taken care as i earned 4 months of rental income in 2015? What forms are we talking about ?
c)We spent around $1000 on paint and some repairs before renting out the old property. Will they be declared as expenses on the property ?
Please let me know. REI is not our full time thing but did it with self interest. Now i am a little worried that probably i missed out on anything that i was not supposed to during the process of converting primary residence to a rental.