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New Member
posted Jun 4, 2019 9:18:41 PM

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

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1 Best answer
Level 15
Jun 4, 2019 9:18:57 PM
12 Replies
Level 15
Jun 4, 2019 9:18:42 PM

Rented out as an apartment?  Or for something else?

New Member
Jun 4, 2019 9:18:44 PM

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

Level 15
Jun 4, 2019 9:18:45 PM

Is it separately metered for utilities?

New Member
Jun 4, 2019 9:18:46 PM

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

Level 15
Jun 4, 2019 9:18:48 PM

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

New Member
Jun 4, 2019 9:18:49 PM

Is there a simple formula for depreciation?

New Member
Jun 4, 2019 9:18:50 PM

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

New Member
Jun 4, 2019 9:18:52 PM

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

Level 15
Jun 4, 2019 9:18:53 PM
New Member
Jun 4, 2019 9:18:54 PM

It has it's own outside entrance also.

New Member
Jun 4, 2019 9:18:56 PM

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

Level 15
Jun 4, 2019 9:18:57 PM