Turbo Tax Simplifies Tax Filing For Those With Rental Properties

By
Property Manager with HomePointe Property Management, CRMC 00691121

Owning rental property may push you into the feeling that you must hire a CPA to do your taxes.  I personally like to work the numbers myself.

I have found that Turbo Tax is a great way to take care of this tax business.  I made one change this year.  Instead of going to a software store, I signed on to Turbo Tax online at TurboTax.com.  Here you can see the various programs and purchase the one that is right for you.  An added feature of doing it online is that during the initial "interview" the program will encourage you to upgrade if it fits your sitiuation better, and you can do this on the fly.

In addition, if you have your tax file from the previous year you can upload it into TurboTax online, including all your rental property information like depreciation which carriers over year to year. 

At less than $100.00 I think it is a good choice.

Posted by

Robert A. Machado, CPM, MPM

HomePointe Property Management

Sacramento, Yolo, El Dorado, and Placer Counties

We manage residential and commercial property.

916-429-1205 x 105

rmachado@HomePointe.com

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Anonymous
Greg

I like to do both.

An initial cut with software like TurboTax and then go to a CPA.

This allows me to both work the numbers and give the CPA a chance to work some magic.

It also should reduce the amount of time required for the CPA since the software excersize

menas that you have gathered all documents, gathered questions to ask about, and

in general are a well prepared client.

 

Feb 28, 2010 03:38 AM #1
Rainmaker
2,191,699
Elizabeth Weintraub Sacramento Realtor Top 1%
RE/MAX Gold - Sacramento, CA
Put 40 years of experience to work for you

For years, I used to use Turbo Tax but I now hire a CPA. A CPA with a Master's. He has suggested things that Turbo Tax could not do for me. But then I have a pretty complicated tax return, multiple sources of income and whatnot.

Feb 28, 2010 04:14 AM #2
Rainmaker
2,844,850
Myrl Jeffcoat
GreatWest Realty - Sacramento, CA
Greater Sacramento Real Estate Agent

I love Turbo Tax and have used it for years!  And, it worked just fine when I had rental property.  I think the most valuable thing it does is to educate on those things that are deductible.  It helps me organize my receipts and records better for tax time.

Feb 28, 2010 04:56 PM #3
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Rainmaker
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Robert Machado

CPM MPM - Property Manager and Property Management
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