Paragraph 1:
The three bedrooms aren't exactly the same size; there is one larger one and two smaller ones. The two smaller ones are roughly the same size, and I rented out the larger room and one of the smaller ones. So, the splitting into thirds approach seems fair given that I stayed in one of the smaller rooms.
"If the bedrooms are not the same size, then calculate the percentage of each bedroom relative to the square footage of the house and allocate expenses accordingly." Can I split common spaces into thirds still? So let's say bedroom 1 is 10% of the square footage, and the other two are 8% each. Then 26% of the square footage is bedrooms; the rest is shared common space. 100-26 = 74/3 = 24.66%-- the common space square footage divided by three. 24.66 + 10 = 34.66% for bedroom 1, and 24.66 + 8 = 32.66 for the smaller rooms. Is this an accurate way of divvying up expenses?
Paragraph 2:
Thanks for clarifying!
Paragraph 3:
Since I didn't own the house until April 25th, 2022, would I divide the days the individual bedroom was rented by a) the total number of days in the year, b) the number of days that I owned the property out of the year, or c) the number of days between the "Date I started using it in this business" and the end of the year?
So, If I purchased the property April 25th and began renting a room May 1 and the room was rented for 214 days (til Nov 30), would I do:
a) 214/365
b) 214/251
c) 214/245
(and then multiplying by the square footage pro-rated for the room)
Given that TurboTax has a "Date I started using it in this business" field, I suspect they are prorating depreciation from this date through the end of the year, in addition to using the “percentage of time I used this item for this business” field. In that case, I believe (c) would be the correct answer.
Also, I would be able to just adjust the “percentage of time I used this item for this business” field on the same asset in subsequent years to reflect the amount of time it's been rented, correct?
