DIY Tax Prep Software for Schedule-E (besides the usual H&R Block and TurboTax)?

Question

Hi All,

Any suggestions for a good DIY Tax Prep software for filing Schedule-E, that you've used personally and could recommend?

Note: I've tried both H&R Block and TurboTax, neither in my experience were very helpful in preparing Schedule-E wherein I had to enter the breakdown for depreciation cost-basis for 5/15/27.5 years.

(P.S: I am aware of the standard response to hire a CPA, etc., so if your response is "Hire a CPA", TIA)

Tyler Davidson · Answer

Honestly, for detailed Schedule E depreciation, most DIY tools get frustrating fast once you’re breaking out 5, 15, and 27.5 year assets.

If you want to stay DIY, I’d look at TaxAct before H&R Block or TurboTax. It’s usually a bit more flexible on rental detail, though still not perfect.

Biggest thing is having your asset list and categories clean before you start, otherwise any software becomes painful.

That’s one of the reasons I built my own bookkeeping setup for rentals too, just to make tax prep less messy on the front end.

Charles Perkins · Answer

You will want to maintain a depreciation schedule for all your assets. Some software allow you to carry this schedule from year to year and in some cases you can import the schedule.

Personally I handle depreciation outside of the tax program using an Excel spreadsheet.

Jared Monroe · Answer

I'm not sure exactly what your looking for but I used Freetaxusa.com. I have fairly simple taxes. I'm not currently invested in real estate. You could check it out.

DIY Tax Prep Software for Schedule-E (besides the usual H&R Block and TurboTax)?

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