It depends. If you have entered only the rental square feet as the home asset (no land is needed since it cannot be depreciated) then you should say yes.
- Take the basement square feet / total square feet of the home to arrive rental portion of your home.
- Use this percentage against the cost of your home (do not include the land portion of the cost), and the result will be the cost basis to list for your rental basement of your home as an asset.
- To arrive at the land cost you can use the tax assessments from your county or city. Take the land value divided by the total value to arrive at the % of the total cost that belongs to the house.
- The date acquired is not the date the property was placed in service for rental (generally). Once you enter the date the property was placed in service for rental, then it is used 100% of the time for business. You can say you have not always used this item 100% of the time for business (if you did not begin renting it when you purchased the home) but it was used 100% of time for business from the day it became available for rent.
I suggest using my steps versus entering the whole house with land and then using days rented during the year. It's easier for you to use the rental percentage for other expenses that affect the entire home as well.
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