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I have owned a rental home and have been renting to the current tenants for a number of years. They have wanted to purchase the home and we have had a 'rent to own' option agreement. I have always reported the income as rental income for tax purposes. Now that they have finished paying for the house and the title has been transferred I am wondering how I will handle the taxes for this year. This will be the first year that they have not made any payments and I wonder if there is a form that I need to file that shows the change of ownership and how/if I need to explain to the IRS this situation since I will no longer show the house on my taxes.
Thanks
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