Hi Guys
We're currently staying with our folks and due to an expanding family; we're thinking of moving into one of our rentals or selling it and then purchasing in a nice area.
My questions is that for the past few years we have been claiming depreciation on the property since it was a rental. If we are to move into this property, what do we need to be aware of in terms of depreciation? obviously we cant claim it moving forward but do we have to pay back what we've claimed already?
Thanks
We're currently staying with our folks and due to an expanding family; we're thinking of moving into one of our rentals or selling it and then purchasing in a nice area.
My questions is that for the past few years we have been claiming depreciation on the property since it was a rental. If we are to move into this property, what do we need to be aware of in terms of depreciation? obviously we cant claim it moving forward but do we have to pay back what we've claimed already?
Thanks
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