Tax Software for Rental Business?

Question

Hey all - we are getting close to renting out our first property. I also need to do our taxes for last year which include some of the acquisition and due diligence costs. I use Quicken Premier right now. Does anyone have a recommendation for which TurboTax product to use? Premier, like my Quicken version- the Intuit website says it is for Investments and Rental Property but I'm interested in what others here use.  Thanks!

Daniel Hyman · Answer

@Patrick M. Just make sure to pay close attention when calculating the cost basis of the property (for depreciation purposes). Many TT users get tripped up on that.

Chris Reed · Answer

I apologize if this doesn't answer your question, but I believe it is relevant to your topic and maybe a question that hasn't been asked.

While real estate is one of my  passions and focuses, I have been doing software development for over 17 years in the Dallas area.  In that time, I have worked with clients  in over a dozen different industries, and with many of the major technology companies in this area, including Intuit software.  After working with them, seeing their code base, and getting to know their development practices; I can confidently say that I will NEVER use any Intuit product for personal or business purposes.  While I can't disclose the particulars of what I dislike or disagree with about their software, practices, or processes due to NDAs, terms of MSAs, and professional courtesy; I can say that I believe there are other systems on the market that would suit your needs better...  and I don't really even need to know what your needs are.

To be clear, I am saying that I, personally, will not use or recommend their products.  I'm not telling you to not use their products, but I am recommending you look very hard at other products that could serve your needs.

I hope this isn't too disruptive to your day.

Jeff Sheraton · Answer

That software would probably work fine.  If you buy a bunch you might outgrow it but for just one I'm sure you would be fine.  I have about 80 units and use quickbooks (and a CPA), but I wouldn't think you would need that yet.