DIY taxes through TurboTax, or use a tax professional.

[Adam Beaumont]

This is my first year owning a rental property.  Therefore, this will be my first year doing taxes on the property.  I only have the one property.  What does everyone recommend on filing the taxes?  Use a tax software platform like Turbo Tax?  One step further, go to H&R Block?  Or, actually hire a CPA familiar with rental property taxes?   I have used Turbo Taxes for years to file my personal taxes, so I am very familiar with the platform, but just concerned that I'll be in over my head with filing taxes for my rental property.

[Zachary Schindler]

Hey Adam,

Everyone's personal tax situation is different when they own a rental property. The way the income or loss generated from the property will be treated for income tax purposes depends on what you do for full-time work, how much money you make and other factors. Additionally, there are a few decisions that can and should be made regarding the treatment of certain expenses, especially in year 1 of owning a new rental property as you want to make sure you are taking maximum advantage of the potential tax savings. H&R block or another similar service is a solid option if you already know exactly what you're handing them and the result you expect. However, they won't offer any additional advice or follow-up with any savings advice or planning options, plus you're still paying for their services. I'd suggest either using a CPA or utilizing someone you may already know to walk through your tax situation before you hand off your return.

[Basit Siddiqi]

I think software's like turbo tax are good if your tax return is simple(W-2 with a couple of interest / dividend accounts).

When using a software like turbo tax, your return is only as good as your inputs.