If you have a rental property...do you have a good resource or worksheet for figuring out your depreciation?
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I used turbo tax, and it figured it out with the info it requested.
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@Mamasig: yeah, I may have to use Turbo Tax this year....we are so cheap, we use Tax Act, because it's only like $15 to file....but then you have to do stuff like calculate the deprecation on your own, haha.
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@Anagram: I got it a bit cheaper at sams - maybe $59?
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@Mamasig: nevermind! Tax Act does do it, my husband just didn't know what it was and skipped that section and then didn't remember it. But I found it--hooray!
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If I remember correctly we used schedule C (is that right? It's been a couple of years) and it had a worksheet.
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We've always used H&R Block's software. Well worth the money. Thankfully, we closed on the sale of that house yesterday, so that's one less hassle in my life! I'm so thrilled.
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Just as a warning.... we tried to use tax software the first year we had our rental property and it ended up saying we owed a LOT of money. We finally called an accountant to review them. She saved us literally almost $3,000. For us, it is worth the ease and peace of mind for the small price of just having an accountant do it - it is too complex with the rental!
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@MrsADS: we've done our taxes on our own for years, no problems yet! I feel like the tax software makes it pretty easy, I was just missing the depreciation part. It ended up not evening mattering though, because with my other rental expenses, my net income is still $0, with or without the depreciation.
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8 comments