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gardner1942
New Member

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

 
1 Best answer

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SweetieJean
Level 15

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

12 Replies
SweetieJean
Level 15

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

Rented out as an apartment?  Or for something else?
gardner1942
New Member

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

Rented as apartment.  FYI apt. is 1/3 of total livable space of house
SweetieJean
Level 15

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

Is it separately metered for utilities?
gardner1942
New Member

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

No!  FYI Only one person lives down there and my wife and I upstairs so it's 1/3 occupants also.
SweetieJean
Level 15

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

Does it have its own bathroom and kitchen?  Do you have a signed lease, and is rented at Fair Market Rent?
gardner1942
New Member

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

Is there a simple formula for depreciation?
gardner1942
New Member

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

Yes! It has it's own full bathroom, kitchen with oven and washer and dryer
gardner1942
New Member

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

No signed lease and at the low end of fair market value
SweetieJean
Level 15

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

gardner1942
New Member

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

It has it's own outside entrance also.
gardner1942
New Member

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

Is there any way to talk to someone on the phone about this?
SweetieJean
Level 15

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

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