Quick question about DIY tax returns

[Mike H.]

I have never done my own tax return. Well not since I had a w2 only myself. 

We own 3 rents properties. State and local nyc taxes. 

Our accountant wants 1k to do our tax return. My wife thinks we can DIY using turbo tax. I’m skeptical. The depreciation and all that with each rental property.  I have time to do it. I just want to make sure it’s done right. We are detail oriented. I have a degrees in finance and construction.   thoughts BP? Can we diy?

[Eamonn McElroy]

For three tax returns (fed, state, local), a MFJ couple with three rentals, that fee is reasonable for a NYC metro based firm, even assuming you take the standard deduction instead of itemizing, have no dependents, and no other activity other than the rentals and W-2s.  If you have dependents (i.e. child tax credits, childcare expense credits analysis and reporting) and/or other activity (brokerage accounts, K-1s, etc), that fee is very reasonable for a NYC metro firm.

Can you DIY?  Sure, but how much is your time worth to you?  If you spend enough time reading online, you'll probably be able to get your return materially correct.  Might be worth it.  Might not.  The only one that knows for sure is you.

Good luck.