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No. of Recommendations: 1
I use Turbotax. For last 2 years I've had all the normal deductions, including rental property and refinances. Granted, it is straight froward, BUT, time consuming as you need to be very careful in what you can and cannot claim, plus, calculating basis can be difficult. I just take it slow when I get to the rental property, have all my paperwork ready and organized, review all documents and check my totals, along with keeping ALL notes and calculations (side sheet with breakdowns). Once you have determined the basis correctly, the hardest part is the appropriate finance charges and other amounts that can be either deducted in full, or amortized over the term of the loan. Either way, having all the paperwork available, plus previous years returns, makes it straight forward.

I doing doing my taxes. I don't really want to pay somebody to do exactly what I can do. Others will disagree, but, I believe that the tax programs are going to tell me all that is legally available to me. I need to keep records over the year, that the difficult part.

I mean, I even calculate the cost of cell phone costs to my agent or tenants...

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