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Updated about 7 years ago, 11/04/2017

User Stats

16
Posts
8
Votes
Elio Guillen
  • Rental Property Investor
  • Agoura Hills
8
Votes |
16
Posts

Newbie needs your advice. Should I hire a CPA or use Turbotax?

Elio Guillen
  • Rental Property Investor
  • Agoura Hills
Posted

I purchased a turnkey investment property mid December 2016 and now it's time to file my taxes. In hindsight, I should have probably waited to make the purchase early January to avoid this issue, but I guess you live and you learn. I was originally planning to hire a CPA to complete my 2017 taxes, but now I'm wondering if should hire a CPA sooner to help me complete my 2016 taxes. 

My taxes aren't too complicated - I basically have my W2, a few hundred dollars of index fund dividend income, and my turnkey property I bought mid December 2016. I typically use Turbotax, but I'm stuck since I don't know how to find the land value of my property. Should I use the land value listed on a site like realtor.com or should I use the land value listed on the property appraisal? I'm sure this would be a piece of cake for a CPA, to answer but should I hire a CPA if I only had one property for about two weeks in 2016?

Thanks. I appreciate all of your responses.

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