Tax question for accidental landlord
We are accidental landlords, renting our house for 6 months, starting 12/1/13. I would love to use TurboTax to save some money on our taxes and it claims to be able to handle rental income using the premier product but am I fooling myself? Should we be using a CPA? What about depreciation? Here are some facts/figures if it helps:
Bought home 10/10 for $235k, loan for $180k
Tried to sell for $320k 11/13 but we missed the best season to sell, multiple agents we've spoken to believe it was priced accurately. Decided to rent it out over the winter and try to sell this spring.
Would appreciate your advice on our tax situation. Thanks!!