Author Topic: Rental Tax Question for Turbo Tax  (Read 1179 times)

missmoneymachine

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Rental Tax Question for Turbo Tax
« on: February 14, 2018, 06:18:37 AM »
I've been doing my own taxes on Turbotax online for a number of years and I am having difficulty figuring out my rental situation for 2017.  I was hoping for some guidance from anyone who is familiar with Turbotax's platform or taxes in general.

For half of 2017, I lived in a property that I owned and I had roommates that paid me rent (I also did this for all of 2016 so I know how to calculate the income/expenses from this on Turbotax).  But for the other half of 2017, I bought and moved into another property and fully rented out my previous property for the remainder of the year.

I am having a hard time figuring out how to separate those two events on their online platform.  When I go through all of the steps, there is no way for me to split up the income/expenses from the live-in landlord half and the landlord only half.  It is calculating the income/expenses as if I was a live in landlord for the entire year.

Does anyone have any familiarity with this?  I think I might have to bite the bullet on this and pay more for a tax specialist.

MaikoTsumi

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Re: Rental Tax Question for Turbo Tax
« Reply #1 on: February 14, 2018, 10:34:59 AM »
Are you using the Premier version? You'll need that for rental property.  Also, submit your specific question to TurboTax AnswerXchange.  They usually answer within a few hours.

tct

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Re: Rental Tax Question for Turbo Tax
« Reply #2 on: February 15, 2018, 09:10:13 AM »
Are you using the Premier version? You'll need that for rental property.  Also, submit your specific question to TurboTax AnswerXchange.  They usually answer within a few hours.
Why do you need the Premier version for rentals? I've been using Deluxe version for rentals for years. Seems to work fine, even though turbo tax always suggests  upgrading to Premier when I enter rental info.

MaikoTsumi

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Re: Rental Tax Question for Turbo Tax
« Reply #3 on: February 15, 2018, 09:44:02 AM »
Are you using the Premier version? You'll need that for rental property.  Also, submit your specific question to TurboTax AnswerXchange.  They usually answer within a few hours.
Why do you need the Premier version for rentals? I've been using Deluxe version for rentals for years. Seems to work fine, even though turbo tax always suggests  upgrading to Premier when I enter rental info.
As far as I know, all versions include forms needed, but you won't necessarily be presented with all the help topics you need to file. I don't care to manually keep track of basis, repairs, mileage, purchase and sale events, etc. If your able to keep track of each and every form you need and sure you're not missing something, Deluxe is fine.

MaikoTsumi

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Re: Rental Tax Question for Turbo Tax
« Reply #4 on: February 15, 2018, 09:52:38 AM »
It looks like the online version deluxe does not provide schedule E, so you would have to have premier to even enter data into it.

 

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