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-   -   Convert rental property to private use (https://www.askmehelpdesk.com/showthread.php?t=716920)

  • Nov 14, 2012, 08:38 PM
    altbaby
    Convert rental property to private use
    I have a home that has been a rental for about 25 years. I want to convert it back to a private residence and live in it for 2 years to escape the capital gains tax. I am currently paying all the utilities and my son is living there. What is involved in doing this? Do I need to file anything with the IRS. Any other things to consider?

    Thank you,
    Al
  • Nov 15, 2012, 06:05 AM
    AtlantaTaxExpert
    You need to move back into the house and live there for the minimum two-year stay.

    No notification to the IRS is required.

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