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Hello Community,
A owner lives in the below grade portion of his rental property that he owns and rents out to several roommates.
Shouldn't he still only deduct the portion of the repair/utility/maintenance expenses based on the actual square footage that is rented.
He was claiming 100% rented because he was only including the above grade square footage.
Shouldn't he deduct % of the space he lives in even though it is below grade.
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What does "below grade" mean? I picture a basement. We don't have basements here, because of caliche. (You can look it up.) But I have lived in basement apartments, and they cost a lot less to cool than upstairs. Also, they can cost a lot less to heat if the radiator pipes are exposed and below the ceiling and not well insulated. So sometimes you pro-rate based on percentage of square footage, but sometimes you pro-rate by guess and by golly.
