Room Rental and Home Based Business
I run a home based business and also rent out a portion of my condo as well.
The business is my living room so it takes up 200 square feet out of my 726 square foot condo. So my business portion is 27.5% of expenses like utilities, condo fees, interest on mortgage, etc.
I rent out the second bedroom in my condo. Everything is shared...bathroom, hallways, kitchen, living room, laundry room etc. with the renter. This works out to be 596 square feet out of the 726 square foot condo.
The living room overlaps with the renter, so what percentage do I put as business expenses and what percentage is personal when it comes to the rental expenses?