Turbo Tax Deluxe or CPA?

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@Jean-Marie Poth - Do you fix your own car or take it to a mechanic? Do you write your own contracts or have a lawyer prepare them? Do you use Web MD as your end all be all when you have a health issue or do you go and see a doctor? It's just my two cents worth (and I'm biased as a CPA) but let a professional do their job and you should see a result over time that makes their cost well worth it.Account Closed - Remember, speed does not equal the best result. Thanks and I hope that helps!! Best of luck!

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Agreed you can't replace expertise. You should always seek advice.I consulted with CPA already I know what I can deduct or not deduct. I set up my quickbooks based on that. After that I do it myself and it is so much faster. If my situation change I consult again.The end of the year i enter it on turbo tax. It only took me minutes. Turbo tax also transfer my previous file and calculate my depreciation automatically.I love turbo tax. If you ask me. I choose turbo tax every time.but this is not for everybody.

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It's not complex at all with just a few rentals. Been doing it for years, and even on a gas station business that is way more complex than rental properties. Do what you are comfortable with.CPAs are great though. Do this, Use premier Turbo tax, but don't file or pay at the end. Then, go to a CPA and give them the same info you used. See if there are significant differences in your taxes owed or refund.That will tell you if Turbo tax is for you or not. Best wishes.

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In my experience as a CPA, it is much cheaper to pay a expert real estate CPA than prepare your own return. In most cases, investors leave thousands of dollars of tax savings on the table because they do not know the rules and neither do the Turbo Tax experts. Sorry, I know this statement is self serving but it is the truth 90% of the time. Hope that helps! Ted

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I use Turbo tax I do keep the CPA for consultation purposes only.Technology is so advanced now. The amount of time I gather my stuff send it to CPA, explaining to them the charges, etc. and waiting for them to complete. I can do it myself much faster. Turbo tax also have tax expert that you can call. I spoke with them a few times and they really good. I fill out the contact form and wait until they call me. They usually call within hours.

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Jean-Marie Poth I agree with Jake Hottenrott . TurboTax is a great product for those willing to put in the time and effort to get it right. When you have a W-2 and some itemized deductions, it's a no-brainer. Throw a rental in the mix, and it's a whole different ball game.

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2015, I was just doing a w-2 and used turbo taxthroughout 2016, I picked up 7 rentals including portfolio loans, regular investment loans, a 5% loan, 110k rehab, and an HML. Took me a couple days, but I used turbo tax deluxe only and seemed to get out of it ok. Still waiting on the return to actually see if all is well though...

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@Jean-Marie Poth The true value that a CPA provides definitely rests in tax planning. Plugging numbers into software is an easy process, but tax planning requires expertise. For example, a qualified CPA can help you to structure transactions to maximize your tax savings down the road or provide advice as far as which entity provides the most tax advantages should you decide to use an entity. I'd also recommend that you check out the Mark Kohler podcast for additional tax/legal related information as it applies to real estate. I wish you the best.

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I think when your self employed with taxes exceeding 10k a GOOD CPA will save you more than they cost you.

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@Jean-Marie PothIf you are intent on using TurboTax, then consider either the Premier or Home and business version. The Deluxe does not have the extensive help and guided interview modules that you will find in Premier and higher versions. Premier is a little more expensive than Deluxe, but the guided interview is worth the added cost.I agree with the others that suggest you consult a CPA, at least for the first year or two. Then use the CPA's prepared tax return, depreciation schedules, and worksheets as guides for your TurboTax return the next year. when you prepare the same rturn that the CPA prepares for you, then you might think about just doing your own tax return the next year and just use the CPA for strategic and tax planning.