@Carl
I own a property with two separate mailing addresses. I live in one building and rent out the other building. The electric and gas utilities are metered separately, but water is shared. I have one single mortgage for all structures on the land.
I receive one property tax bill each year for the land and all structures on it.
I have one property insurance policy covering both units but need to get a new one that separates the rental unit from the main unit I live in.
When it comes to entering my information in TurboTax, my plan is to treat the rental as a completely separate property and value the rental structure using the percentage of total square feet method. How do I treat shared expenses like real estate taxes and mortgage interest?
Thank you.
