Tax implications when living in the property

[James Quillen]

I'm trying to figure out the tax implications of the househacking method. I will be living in the basement of a property I just purchased and renting out the main house. Are there any differences from a tax perspective since I'm living in the house as well? My main foci are depreciation and my ability to write off tools and repairs used to repair and/or improve the property.

[John Underwood]

I beleive you will need to prorate deductions based on ratio of your living square footage vs rented area.