If you're renting only 20% of your home, then 20% of $100,000 ($20K) would be assigned to the rental portion and depreciated over 27.5 years.
Thanks for the info @Carl
When I enter the asset, do I enter the full amount, or just the precalculated 20% ?
Right now I have the full amount, and entered 20% business use as was suggested in many threads here (They say to enter percentage of space if only renting a part of your home). But then it isn't able to calculate the percentage of use.
Is it better enter the cost reduced by 20% of space, and then enter the business % use as rental days/personal days? (Does days need to total 365, or are vacant days just ignored? Are "available for rent" days ignored?)
I just got off the phone with TT support and they told me I can't take depreciation if I only rented the room for 2 months out of the year...I've never heard that before.
I rent the room sometimes, it sits vacant at times, and I use it for me or my friends at times. I was calculating about 60 days rented from Jan-Dec.
thanks for any help
