My Accountant retired. I have an AirBnB and need to depreciate that part of my house and deduct expenses associated with my AirBnB. What version of Turbo Tax do I need?

Forum|Forum|3 years ago
February 11, 2023
2 replies
0 views

No text available

TurboTax Premier Online

Critter-3

If that was being reported on a Sch E then you need the Premiere version of the ONLINE program OR any of the DOWNLOADED versions.

If that was being reported on a Sch C then you need the Self Employed version of the ONLINE program OR any of the DOWNLOADED versions.

AnnetteB6

You will either need to use TurboTax Online Premier or higher, or one of the CD/downloaded versions of TurboTax (preferably Premier or higher). Any of the CD/downloaded versions will have all the forms you need, but the higher versions will give you more guidance along the way tailored to the more complex situations such as rental income and expenses.

Before you begin, be sure that you have a complete packet of information from your accountant, including a depreciation worksheet showing what is being depreciated, the method of depreciation used, and prior depreciation taken. It is important to duplicate this in TurboTax and continue the same method used in the past.

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"

Critter-3

Agreed ... without the depreciation worksheet it will be almost impossible to recreate it from all the prior year 4562 forms.

mgjerstad-yahoo-Author

After viewing my 4562 form from 2021, I think I'm over my pay grade in doing this myself. Does Turbo Tax offer support to do this for me, or do I need to get another accountant. I just entered everything into the on-line Turbo Tax, so hoping they can get everything else from all my current work. You help is much appreciated. Cheers, Michael