The quick read
Key points
- Keep usage and lease records.
- Separate direct and shared invoices.
- Retain the reviewed allocation method.
Describe the actual arrangement
Record the rented area, lease dates, shared spaces and personal-use periods. Keep the agreement and factual evidence that supports the description. A property nickname or unit label does not establish the allocation of costs.
Identify direct and shared costs
Keep invoices and payment evidence, marking which items concern only a rented area, only personal activity or shared use. Avoid automatically assigning every bill paid from the same account to the rental. Ask the reviewer about uncertain items.
Document the proposed method
Prepare any allocation outside the ledger with its measurements, dates and assumptions. Use a reproducible explanation and preserve changes. After review, use the appropriate split-entry workflow so the recorded components match the approved decision.
Review when the arrangement changes
Keep the dates of occupancy, use or lease changes and revisit the allocation with your accountant. IQ does not determine deductible percentages or rental-use eligibility. This guide organizes evidence and is not tax advice.
Before you finish
- Keep usage and lease records.
- Separate direct and shared invoices.
- Retain the reviewed allocation method.
Official guidance for your review
Confirm the current edition and your circumstances with a qualified professional.
Keep your next step simple.
Use the product guide for the app workflow, or contact support with your question. Bookkeeping reports are not tax advice; review filing decisions with a qualified professional.