We rented out our basement for the first time in 2017. Need help determining how to calculate deductions?

[SweetieJean]

Rented out as an apartment?  Or for something else?

[gardner1942]

Rented as apartment.  FYI apt. is 1/3 of total livable space of house

[SweetieJean]

Is it separately metered for utilities?

[gardner1942]

No!  FYI Only one person lives down there and my wife and I upstairs so it's 1/3 occupants also.

[SweetieJean]

Does it have its own bathroom and kitchen?  Do you have a signed lease, and is rented at Fair Market Rent?

[gardner1942]

Is there a simple formula for depreciation?

[gardner1942]

Yes! It has it's own full bathroom, kitchen with oven and washer and dryer

[gardner1942]

No signed lease and at the low end of fair market value

[SweetieJean]

<a rel="nofollow" target="_blank" href="http://homeguides.sfgate.com/tax-deductible-finish-basement-apartment-rental-59972.html">http://home...>

[gardner1942]

It has it's own outside entrance also.

[gardner1942]

Is there any way to talk to someone on the phone about this?

[SweetieJean · Accepted solution]

https://ttlc.intuit.com/questions/3767029-since-the-last-tax-season-i-have-rented-out-my-basement-an...