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How do I accurately calculate percentage of my condo rented out to roommates?

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June 4, 2019
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I own a two bedroom, two bath condo. I live in one bedroom with a roommate; the other bedroom and bathroom are rented out to two roommates. In calculating the percentage of the condo that I rent out, I assume I cannot include rooms such as the living room and dining room since I use them and they are not exclusive to my roommates, yes? Can I use half of the square footage of the bedroom that I share as part of the percentage rented? (I will not include my bathroom but I will include the other bathroom as it is exclusive to the other two roommates.)

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Best answer by view2

How to divide expenses. If an expense is for both rental use and personal use, such as mortgage interest or heat for the entire house, you must divide the expense between rental use and personal use. You can use any reasonable method for dividing the expense. It may be reasonable to divide the cost of some items (for example, water) based on the number of people using them. The two most common methods for dividing an expense are (1)the number of rooms in your home, and (2) the square footage of your home.

Renting Part of Property

http://www.irs.gov/publications/p527/ch04.html#en_US_2015_publink1000219159

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view2Answer

Employee

How to divide expenses. If an expense is for both rental use and personal use, such as mortgage interest or heat for the entire house, you must divide the expense between rental use and personal use. You can use any reasonable method for dividing the expense. It may be reasonable to divide the cost of some items (for example, water) based on the number of people using them. The two most common methods for dividing an expense are (1)the number of rooms in your home, and (2) the square footage of your home.

Renting Part of Property

http://www.irs.gov/publications/p527/ch04.html#en_US_2015_publink1000219159