Thank you so much for your assistance. How do I know if IRS sees it as "not for profit"? Not renting at "fair market value"? Does the total of expenses have to equal or exceed the rental money taken in to be "not for profit?"? (And is the depreciation formula part of those "not for profit" expenses?)
I also understood from some other posts that some expenses could be divided by the number of occupants (2 or 3) in any given month rather than as a percentage of the total floor space their rooms occupy. For instance water usage, electricity/gas, internet, security system). Is that dependent on status of "for profit"? Your thoughts please? Thank you in advance.
