? The square footage the county has for my house is not accurate. Is it ok to use different numbers? Yes, you want to use accurate numbers. If the county has the wrong numbers, you should not use the counties 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?) The percentage would be based on number of rooms vs tenants. So if you are only using 1 bedroom and your tenants are using the other 3 bedrooms, then you would allocate 75% to the common areas.
+ sq ft home office + storage? Yes, the above would be the calculation to determine how much of the house is used for rental.
Your home office must be used regularly and exclusively for the rental and as business. If you use it to pay your personal bills or do online classes, it does not meet the Home Office exclusive use criteria so you would not be able to deduct it as a home office.
(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?) The 300 Sq. ft. is if you are using the simplified method. If your actual home office is larger and you are using the percentage of your home method, the sq. footage rule does not apply.
Yes, the number of days available would also be a part of the calculation.
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