I would like to use the method where I divide up the common space into thirds for calculating expenses since there are three bedrooms. However, this thread with @Carl and @ColeenD3 suggests that common areas should be considered personal use, so now I'm unsure if my method in which I divide the common space into three will work.
And just to confirm--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? In other words, the depreciation this year may look different than next year based on how long the room is rented?
Lastly, I just input all of my calculations (using the method where I divide the common space into three), and it looks like my expenses + depreciation exceed the rental costs by $423, so it shows up in turbo tax as -$423. Since I use the rental property as a home, my expenses + depreciation cannot exceed the rental costs. What should I do? Should I just pick a category, say mortgage interest, and decrease it by $423?
