I'm currently filing my taxes for 2022 which was my first year renting out a room + bathroom in my house (3 bedrooms + 2 bathrooms total, I live in the non-rented part of the house). I only rented out the room + bathroom for part of the year (74 days), and also only owned the house for part of the year (283 days). After reading through other questions, I'm currently calculating my prorated rental deductions by hand as others have said TurboTax is not able to calculate a combination of partial house rented, partial year rented, and partial year owned.
I had a few questions:
1. Is it true that I need to calculate my prorated deductions manually? If so, I'm currently calculating this as [expense] x [74 days rented/283 days owned] x [2 rooms/5 rooms], is that correct? Also, is it correct to calculate the 2nd multiplier as 74/283 (days rented/days owned) or should I use 74/365 (days rented/days in the entire year)?
2. In terms of the specific sections I need to calculate manually, does that include everything under the "Expenses" section (real estate taxes, insurance premiums, cleaning/maintenance, mortgage interest, utilities) as well as the "Assets" section (where they ask about depreciation under "New rental property")? Or is the depreciation accurately calculated for me without needing manual calculation?
3. For depreciation specifically, it asks me to enter the land value & improvement value. If I do need to manually prorate this section, do I only apply my prorating calculation to the improvement value? The form asks me to reference my property tax bill, will it cause issues if the improvement value I enter is different from the amount on the property tax bill (if I apply the prorating calculation)?
