A live-in-landlord rented a 180 sq ft room from 11/1-12/31 to a tenant. The total sq ft is 1000 and the landlord purchased the home in August.
2021 RE Taxes are $5,000
Is this the right formula to deduct rental expense?
$5,000 * 18% * 16%
2/12=16% (days rented)
And the balance is a personal expense?
Thank you
You'll need to sign in or create an account to connect with an expert.
I don't know about the other things, but 180 / 1000 = 18%, not 1.8%.
Yes, you have the right formula for your expenses of the rental portion for the period space and time used as a rental.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
rakesh-v
New Member
JB_tax_man
Returning Member
dcalisti
New Member
shaggy-148881
New Member
jwcaldwell0223
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.