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I rented out a room in my primary home for 3 months in 2024. I'm trying to claim it on my taxes, but in the rental asset section, how do I determine "cost"...help?
I have never claimed a rental before so any support on how to do this would be appreciated. I believe that the personal rental area is 17% of the overall square footage of the home, the common area equals about 63% and my personal bedroom/bathroom area takes up the remaining 20%. I think I might take my purchase price and multiply it by a percentage, but I'm not sure what percentage that would be wit the common areas? Any advice would be greatly appreciated! Thank you in advance!
March 21, 2025
7:01 PM