I own a 4 bedroom home that I had to convert to a guest house or lose it due to losing my job and going on SSDI. I have lots of questions, but most importantly:
? The square footage the county has for my house is not accurate. Is it ok to use different numbers?
? what specifically is the calculation I should use to get the best deductions? Is it?
sq ft of guest rooms
+ sq ft of exclusive bath
+ % of common areas (what is the percentage I should use?)
+ sq ft home office + storage? (I use more than 350 square feet for this. Is it true that I can only use 350sqft? How is this calculated into the equation?)
* Number of days available for rent (365 days)
| 2nd Floor | Square Footage | |
| Guest Room 1 | 111.22 | |
| Guest Room 2 | 117.36 | |
| Guest Room 3 | 124.13 | |
| Guest Bath (exclusive to guests) | Not determined yet | |
| Guesthouse storage closet | | |
| 1st Floor | | |
| Kitchen | | |
| 1/2 Bath | | |
Laundry | | |
| Living Room | | |
| Dining Room / Library | | |
| Back Yard | | |
| Hot tub | | |
Inground pool | | |
| Deck | | |
| Patio | | |
| Firepit | | |
2nd floor contains:
* 3 guest bedrooms (used exclusively by guests). Square footage for each room is below and the total is 352.71.
* 1 full bath (used exclusively by guests)
* 1 storage room (used exclusively by me for guest room supplies (extra sheets, pillows, cots, floor mattresses, seasonal blankets, extra toilet and facial tissue, paper towels,.... )
* A long balcony/catwalk that opens to the 1st floor and connects the guestrooms to the stairs.
1st floor contains:
* kitchen, livingroom, dining room, library, laundry, 1/2 bath (fully shared / common)
* My bedroom and bath (used exclusively by me)
Backyard contains:
* the hot tub, pool, deck, firepit, etc. (fully shared / common)
Note: I definitely use over 350 square foot of my home for:
* a "home office"
* a large "storage room" for guest room supply storage
* part of the garage for guest room supply storage
* part of the basement for guest room supply storage
