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Updated almost 4 years ago,
Tax implications of buying property at the end of December?
I just closed on my first investment property on Dec 22, but had no rent or expenses in that year.Until now I've always used TurboTax, my situation has been simple (W-2s, interest and brokerage 1099s) but I plan to find a tax accountant for a year or two, while I learn the ropes of rental property taxes. My question is this: should I use an accountant for 2020, or can I keep using TT for now? Is there something I should enter on my 2020 tax return regarding the new property? I don't think I can start depreciating until I own it for a year. Is there anything else I should or can do on the 2020 return?
Thanks!