The spreadsheet is ok as a basic tool, but if you are renting portions of your house to renters, you are missing several tax deductions.
1. Depreciation of the portions being rented
(improved value * (2/3) /27.5*0.25/12)
2. Basic utilities (power, water, sewer)
(power + water + sewer + etc)*(2/3)/12
3. Business utilities (telephone, cellphone, internet).
(cellphone + telephone + internet) * (2/3)/12
Using rough numbers, your property is actually costing you about $6/mo.
Make sure to take full advantage of your home! You can probably maximize it further by using the home office tax deduction and using chattel depreciation. I would give you rough numbers on these tax breaks, but they are hard to generalize and requires a lot of study.
Anyways, point is that I think you are actually overpaying your taxes because you’re not counting everything you’re entitled to (because you are technically a landlord).
