Hello, I have recently purchased a new property and have converted my previous principle residence to a rental property. I know that even though I did not sell the property, it is considered a "deemed sale" as I have changed the use of the previous property. The residence was my principle residence for the entire time that I owned it. I was made aware that I need to declare this on my 2023 taxes. Where do I do this? Is it simply under the "Selling of Property" section, but I just state it was my principle residence. Do I basically fill out that section the same way if I was to sell the property.
Thanks for your help in advance.
