How do I classify a rental in my remodeled basement while I live upstairs? Single family unit or multiple?
The rental is not a separate unit, so there's no property purchase, just a big remodeling expense that we need to amortize.
01364
1 Replies
AnnetteB6
Expert Alumni
May 15, 2021 7:00:49 AM
It would be a single family unit, renting part of your home.
Be sure to consider the date the basement was placed in service as a rental property and do not include any personal use days of the space prior to the date it was placed in service.