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Robert M.
Robert M., Consultant
Category: Financial Software
Satisfied Customers: 3017
Experience:  30 yrs. of computer experience in financial and marketing departments.
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Can someone help me as I go along with TurboTax questions. I

Customer Question

Can someone help me as I go along with TurboTax questions. I have 2 rental properties and I flipped one. Right now I'm not sure about MACRS Convention. I use to live in a home 9 years ago but have been renting it out since.Thank you
Submitted: 10 months ago.
Category: Financial Software
Customer: replied 10 months ago.
TurboTax is asking me: Amount of Depreciation Taken in Prior Years (not including any section 179 deduction or first year special depreciation allowance deduction). I don't know. The purchase price is Auto Populating.
Expert:  emc011075 replied 10 months ago.

Hi. My name is ***** ***** I will be happy to help you.

When did you start renting the property? Did you claim the house you flipped on your last year return? Rentals are not allowed to take any sec 179 or special depreciation. You will have to use mid month convention for your rental and for your flip property.

Customer: replied 10 months ago.
Hi Eva:I have my information summarized. Can I pay you by the hour to walk me through Turbo Tax?
Expert:  emc011075 replied 10 months ago.

I am sorry, my company uses Lacerte and I don't have a new version of Turbo Tax at home. I can tell you how it should be reported and where but I cannot walk you through Turbo Tax.

Customer: replied 10 months ago.
Could you use TeamViewer and see my computer as I enter the numbers?
Expert:  BK-CPA replied 10 months ago.

I can think of quite a few reasons why you would be better off, and likely pay just as much, by simply hiring someone to do your taxes as opposed to attempting this. So, that's my advice. I'll be opting out now in case someone wants to entertain this idea. Good luck!

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