Thinking about turning your rental property into your primary residence? In this episode, learn the key tax rules, common pitfalls, and strategies to help you avoid costly surprises before making the move.
Listen to this replay of Tax Tuesday with Eliot Thomas, Esq. and nonprofit attorney and former IRS Exempt Organizations expert Karim Hanafy as they explain what every real estate owner should know before converting a rental into a primary home.
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Highlights/Topics:
Show Notes:
0:00 Intro
10:13 What is the difference between a Public Charity and a Private Foundation?
21:47 I have a single-family residence that I have owned and rented out for 10 years. I want to somehow use it for my public charity. Should I sell it and donate the proceeds or donate the house directly to the nonprofit?
29:37 I have a US-based Public Charity. Can I use it to make donations overseas?
34:01 Can I run an Airbnb out of my Public Charity?
37:49 Am I able to use Artificial Intelligence to fill out IRS Form 1023 to request Federal tax-exempt status?
43:19 I have a rental property in an Opportunity Zone – how can I avoid capital gains tax? That same property has furniture – how do I deduct that?
53:12 I purchased a triplex in December 2025 and self-manage it. I am actively involved in real estate investing and qualify for Real Estate Professional status. What are my options as far as cost segregation strategy vs traditional depreciation?
1:03:10 I currently have a rental property which has been depreciated since purchase. I would like to know if it is possible to establish it as my primary residence and the tax impact. Will I have to repay all the depreciation allowances?
1:07:47 Regarding a guaranteed partner payment to a C Corp management entity from the trading LLC. What is a guideline for the maximum % allowed where the C corporation owns 20% of the LLC?
1:13:06 I make targeted investments in private companies and venture funds via this entity. What is the role of an 83B designation? What are the rules and timeframe?
