Tax Help- Tis the season

[Carson Vanderhoff]

Hi all- Looking for some guidance. I purchased my first duplex rental property in July of this year and am currently house hacking.
In the past, come tax season, I've used turbotax and it's done the trick. I'm thinking this year it might be beneficial to pay some good money for a professional? 

I specifically ask because I'm not as well versed in the realm of cost segregation/depreciation as I'd like to be. Chatgpt says it's worth it to pay the money the first year so a CPA can set up a 'depreciation schedule' and be set moving forward. I could also be worried about the wrong things.

I've ony received 3 rent payments by now if that makes a difference, but have been living at the property since October or so.

Any advice would be appreciated. Thanks,

[Christopher Tile]

Quote from @Carson Vanderhoff:

Hi all- Looking for some guidance. I purchased my first duplex rental property in July of this year and am currently house hacking.
In the past, come tax season, I've used turbotax and it's done the trick. I'm thinking this year it might be beneficial to pay some good money for a professional? 

I specifically ask because I'm not as well versed in the realm of cost segregation/depreciation as I'd like to be. Chatgpt says it's worth it to pay the money the first year so a CPA can set up a 'depreciation schedule' and be set moving forward. I could also be worried about the wrong things.

I've ony received 3 rent payments by now if that makes a difference, but have been living at the property since October or so.

Any advice would be appreciated. Thanks,

Congrats on the duplex/house hack! Working with a real estate CPA (plenty on this forum) can really pay off. Not just to file, but to set everything up correctly.

Because you’re living in one unit and renting the other, you need the right expense split (personal vs rental) and a proper depreciation schedule from day one. That foundation makes future tax years way easier and helps you avoid costly mistakes.

Cost seg might help, but it’s not always necessary. Working with a CPA that specializes in real estate can quickly tell you if it’s worth it for your specific situation.