[Jordan]

Tax season is approaching and I’m trying to decide if getting a CPA or switching to Turbo Tax is a better option. I started a 1099 job this year and my husband and I got our first rental property

I’ve always used Express1040. I started putting in 2024 information just to see how much they’d walk me through things, specifically related to the rental.

I feel a bit lost and ended up having more questions than answers!

How much will TurboTax walk me through a new rental? Will they tell me exactly how to categorize deductions/ report depreciagion?

What about if something qualifies for Section 179? Will they tell me if I can write off the home inspection? What about calculating cost basis?

Can you tell where I’ve gotten stuck?

Can TT also help me figure out quarterly payments for 2025?
I like numbers, I enjoy figuring out this stuff; I just want to make sure I do it right and don’t miss anything!

Thanks everyone!

[Karen]

We have a STR and use a CPA. We are both numbers people but the rules regarding bonus depreciation, offsetting w2 income with rental losses, LLCs, etc.

are complex and I’m glad to have the CPA to help keep us straight.

[John]

It handles rentals quite well. It follows an interview process up to a point, but on one screen all the categories of different expenses are there and you just fill them in.

If you are using QuickBooks, you have all that data available and it might import automatically.

I don’t use QuickBooks, but I know what my management costs are, repairs, HOA fees, insurance and all that other stuff.

All the categories are there and it’s quite easy to fill in.

Most of the data entry is done in sort of an interview type format. But you can click on a forms icon and see the actual form as it is filled in.

I find this quite helpful sometimes to check the math and see how everything is going in, you can change data directly in the form or go back to the interview and change it there. I really like that a lot.

[Wallace]

You will need TurboTax Home and Business. I have used it for over 20 years. Yes, to every question.

[Author]

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