What is the name of your state? USA
I'm renting a room in my 2 bedroom house. Here is the size breakdown:
20% of square footage: My private room
20% of square footage: rented room
60% of square footage: shared area (bathroom/kitchen/livingroom/diningroom)
for tax deduction purposes, do I understand correctly that I can only depreciate 20% of the home value, even though the renter uses the 60% shared space in addition to 20% private space?
Also, what percentage of the property taxex and insurance can I deduct?
I'm renting a room in my 2 bedroom house. Here is the size breakdown:
20% of square footage: My private room
20% of square footage: rented room
60% of square footage: shared area (bathroom/kitchen/livingroom/diningroom)
for tax deduction purposes, do I understand correctly that I can only depreciate 20% of the home value, even though the renter uses the 60% shared space in addition to 20% private space?
Also, what percentage of the property taxex and insurance can I deduct?