Flushing, NY · Member since 2017 · 23 posts · 14 votes
I have one property that I purchased in 2019 from a turnkey provider, so there were no expenses on my part other than getting the mortgage. The first tenant moved in in January, so there was no income in 2019.
Is the depreciation etc. something I need a professional for yet, when I haven't had any significant income/expenses on this property? The rest of my taxes are straightforward. This property would be the deciding factor on if I hire someone, or stick with TurboTax.
Dejavú -20years ago -no BP around then. I did a turbo tax return and paid a cpa to review it-saved about a grand and money was worth more then. I have been using the cpa ever since. Still think he does it better than me and I get advice and he provides some insurance that a mistake on my part is not “fraud” but a typo by him. Do what you do best -hire the rest.
Thanks. I wont bother getting educated on that then. I was using Mr Plaks' examples of do you prepare your own food? Change your own oil or bulbs in your car etc. Things we hire out to save time.
TurboTax Premier / Deluxe that will handle most people's residential rentals is only max $80, not $500. The peace of mind difference in your example is $920.
I get what your saying but don't see the benefit. Mine would be over $8k but I'm probably not normal and won't be changing if it's not going to save me time.
Everyone is going to have their own preference, and there's no wrong way to go. But just to throw one more thing in, just so you have all the info, it's not a direct $920 difference. Good investor-friendly CPAs are inevitably going to be able to get you higher returns than TurboTax, no doubt about it. So you'd doubtfully be paying $920 more and that be in the end of it... you'd like get higher returns for that $920 difference, whatever those could turn out to be. So it's not just a peace of mind difference. But again, there's no wrong answer.... I vote everyone do what they're most comfortable with.
Text: Purpose of Form Use Form 5405 to claim the first-time homebuyer credit. The credit may give you a refund even if you do not owe any tax. For homes purchased in 2008, the credit operates much like an interest-free loan. You generally must repay it over a 15-year period. For homes purchased in 2009, you must repay the credit only if the home ceases to be your main home within the 36-month period beginning on the purchase date. See Repayment of Credit on page 2.
And once more for good measure: George Bush (President from Jan 20, 2001 to Jan 20, 2009) signed your onerous credit into law.
Barack Obama (President from Jan 20, 2009 to Jan 20, 2017) signed into law a revision to your onerous credit which increased the amount and made it an outright grant that never had to be repaid.
The instructions of the 2009 form 5405 specifically say, “If you own the home and use it as your main home for at least 36 months beginning on the purchase date, you do not have to repay any of the credit or file Form 5405 again.”
None of this is really that hard to grasp, but.....”Obama Tax.” LOLOLOLOL (yes, that is indeed me laughing).
Text: Purpose of Form Use Form 5405 to claim the first-time homebuyer credit. The credit may give you a refund even if you do not owe any tax. For homes purchased in 2008, the credit operates much like an interest-free loan. You generally must repay it over a 15-year period. For homes purchased in 2009, you must repay the credit only if the home ceases to be your main home within the 36-month period beginning on the purchase date. See Repayment of Credit on page 2.
And once more for good measure: George Bush (President from Jan 20, 2001 to Jan 20, 2009) signed your onerous credit into law.
Barack Obama (President from Jan 20, 2009 to Jan 20, 2017) signed into law a revision to your onerous credit which increased the amount and made it an outright grant that never had to be repaid.
The instructions of the 2009 form 5405 specifically say, “If you own the home and use it as your main home for at least 36 months beginning on the purchase date, you do not have to repay any of the credit or file Form 5405 again.”
None of this is really that hard to grasp, but.....”Obama Tax.” LOLOLOLOL (yes, that is indeed me laughing).
Sorry, OP, for high jacking the thread.
Triggered much? Not sure what's funnier; your triggered post, or the time you wasted researching and posting your tripe. You gave me a good laugh, thanks for that. My memory's a little hazy, it could well have been 2009 I bought the house. Good luck out there pal.