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Updated almost 5 years ago on . Most recent reply
3 investment properties 1040 form
I have 4 homes. 3 investment properties and a primary residence.
I have used the same tax preparer For more than 20 years. I'm new to real estate investing. I just started in 2018. My tax lady has said that she has owned investment property before and has Instructed me on how to track expenses.
She completed my taxes with a 1040 form.
Is that when everyone else uses? Sometimes I get stuck in loyalties and using the same person over and over not realizing that there are better options if I just switch.
I'm considering getting another tax preparer to review my documents. of course this would cost me more money. And maybe now is not the time but in the future.
thoughts?
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@Ellen A. depending on the bookkeeping/tax prep software being used, that line very well could automatically show up, but with rentals it should be 0. However, sometimes certain expenses could end up on that line if it does not have any net effect, since a schedule E has specific lines in it, and sometimes things need to be consolidated from bookkeeping to schedule E to fit the form.