Yes, since you rent out a portion of your home, it is now 50% business property and 50% personal. It is your choice is you want to do it by rooms or square footage.
You would divide each expense. However, some expenses might be strictly personal and therefore not deductibe. On the other hand, if you were to paint the tenant's rooms and not your own, then that is a 100% business expense.
In addition, any space that is shared can't be included in the rental portion.
Yes, you must depreciate. There is an area in the program where you can indicate if you want TurboTax to do the math or if you would rather do it.
