My rental property is also my residence.?
I've assumed that it should be prorated on Sch.A and Sch.E, according to the square footage of rentals vs. residence.
If you'd like more detail, I inherited on lot with two buildings. A cottage and a 2-story house.
I rent the cottage and the upper story of the house (separate entrance, shared utilities).
I've used the square footage of the rentals and of my residence to figure my deduction.
Since you're here,
I've also divided the utilities in the shared house, based on square footage, and deducted the tenants' share. Is that correct?
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the cottage en toto offsets its income
the space you rent of the two story, yes is probably half rental and half residence
and that portion would apply to the expenses incurred by that bldg.
confident there is. All condo earnings and prices, which include depreciation, for the time the homestead became used as a condo pass on agenda E. in case you itemize deductions, you are able to declare products which comprise loan pastime and genuine sources taxes for the time the homestead became used as your position on agenda A.
sounds ok