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M
MDFTAX
Level 3
March 23, 2025
Question

Rental Property Percentage

  • March 23, 2025
  • 2 replies
  • 8 views

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. 

 

    This topic has been closed for replies.

    2 replies

    IRonMaN
    IRonMaN
    Level 15
    March 23, 2025

    You are correct.

    Slava Ukraini!
      M
      MDFTAXAuthor
      Level 3
      March 23, 2025

      Thank you IRonMaN for taking the time to answer my questions!

        BobKamman
        BobKamman
        Level 15
        March 23, 2025

        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.    

          M
          MDFTAXAuthor
          Level 3
          March 23, 2025

          Thanks!

           

          Yes- that's a basement. 

           

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