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Investors & landlords
Thank you for your answers, Carl! I have a few follow up questions.
1) Thanks. This is clear now 🙏
2) When I enter the basement storage room as a new physically separate asset allocated to rental use, do I also put it on the 27.5 depreciation schedule?
3) I do have a separate SCH C business that I'm claiming a home office for. Say the entire building is 1000 sqf, within that, rental is 400 sqf, my primary residence is 350 sqf and I use 250 sqf for my business. When TurboTax asks for "Entire Home Footage", do I enter 1000 sqf (entire building) or 600 sqf (the space I use for living and biz)? I guess I'm not clear what the "home" means here in the question.
Also, I found I left out the closing cost when calculating the cost basis for rental property allocation. How can I amend that? Or is it okay to leave it as is?