If I bought and immediately rented out 2 bedrooms in my 3 bedroom single-family home (we share common areas except for the bathroom), how do I properly account for depreciation and home expenses (utilities, alarm, internet, etc.)?
When you enter the rental in TurboTax, you will be asked if you rent out a portion of your home and what percentage of your home is rented. That percentage will be used to allocate common expenses like utilities to your rental space.
You will enter the house cost as an asset and multiply the cost by the rental percentage mentioned above and enter that adjusted cost for the asset. TurboTax won't do the allocation mentioned above for the house, you need to do that before you make your entry.
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