Hi @Carl and @DianeW777 thank you for your replies.
I'd like to confirm my understanding.
You're both saying I would enter 3 separate rental entries (not 3 assets for 1 rental)?
1. For Bedroom 1 rented/available from 1/1/22 - 12/31/22: First Year rented
2. For Bedroom 2 rented/available from 6/24/22 - 12/31/22: First Year rented, Converted to rental
3. For Bedroom 3 rented/available from 12/24/22 - 12/31/22: First Year rented, Converted to rental
So I'd be excluding "renting part of my home", because I will calculate/prorate all my expenses for each bedroom manually for 2022?
I think this is where the responses I got divert:
Question for @DianeW777: What I understand is that you're saying to calculate a "purchase price" for each bedroom (sq footage of the occupied room/total house sq footage) to use for the each rental (bedroom)?
Questions for @Carl :
Similar to your post from last year, I followed:
- "Tell us about the property", I selected yes where it asks if the property was my residence in the past.
- "Enter purchase price", I entered the original purchase price when I bough it in 2021.
- For the available date, I entered the dates I put each room on the market as mentioned above.
- "Enter Fair Market Value", the appraisal district assessment determined that my FMV for 2022 was the same as the purchase price in 2021.
1. For each rental (bedroom), assuming I make the edit to the *problematic* question (from "Percentage of time I used this item for this business in 2022" to "percentage of floor space that is exclusive to the renter"), would I enter the same FULL property purchase price and FMV for each rental (bedroom)?
2. Is there a difference between separating the 3 bedrooms into 3 rentals versus having 1 rental with 3 assets with a combined "percentage of floor space that is exclusive to the renter"=%100?
Thank you in advance!
