I own a two family property where I live in one unit and rent out the other. There is also a freestanding garage and a below grade basement where I rent out one room for tenant storage and use another room as a home office.
1) When I calculate entire home footage for splitting the rental property expenses (e.g. to split the mortgage interest, etc), do I count in the basement and the garage? what about the backyard (no building, just an open space)?
2) Does the rental property allocation have to be the same for calculating rental expenses and assets/depreciation? My tenants took a basement room for storage in 2019. I have adjusted the rental property expenses. Do I need to update the previously set allocation for assets/depreciation as well?
3) Under home office, Turbotax asks for Entire Home Footage. Do I enter the entire property? or take out the rental portion?
