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Investors & landlords
It is better to do it yourself since the IRS allows flexibility. You want to enter the expenses related to the rental portion only. How you choose to allocate the expenses is up to you as long as it is consistent. Many people use square footage, others use number of people, and I am sure there are more methods. As long as you stay the course, the IRS is understanding.
You will need to enter the direct expenses as the full amount - like sheets while you allocate things like utilities and taxes.
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‎February 23, 2024
2:22 PM
1,734 Views