Our primary residence is a duplex with a basement apartment. We rented both units while we were abroad but are now moving back into the main unit.
How do I set up the apartment unit for record-keeping while the mortgage and utilities are for the whole house?
Thanks for any tips!
We act like we’re tenants and pay “rent” into unit 1…so any costs associated with unit 1 aren’t relevant to taxes but any common or unit 2 costs are
Do you factor the rent based on a ratio of expenses and mortgage? It seems like paying “rent” would throw off all the income and profit markers in the accounting.
Best practice for this situation is probably to set it up as a “house hack” and then use the “Split” feature as needed to accomplish the bookkeeping tasks.
This Wishlist thread may also be helpful: Support for owner-occupied rentals