Turbo Tax for Flippers?

6 Replies

Is Turbo Tax adequate for flippers? Maybe their Premier version?

I would suggest a CPA for flippers.

It depends on how many flips/projects your taking on, how complex your business structure maybe, how your financing the projects, how many sources of income do you have, your book keeping abilities, ect... as previously suggested I recommend a CPA and see if you have the option or the ability for a do-it-yourself tax software.

Yes. You will need the Home and Business version. The homes and every related cost are treated as "inventory" on Schedule C. If you need help, the program includes free tax advise.

Turbo Tax if you know your business and have done Schedule C's before. I own 3 businesses and do multiple Schedule C's with no problems. But I keep good records and all receipts for all work throughout the year. Guess that's the Electrical Engineer in me.

Rodney.
B.S.E.E.

Never used Turbo Tax but I can't understate the benefit of a GOOD CPA.  They will keep you out of trouble and help you a ton.  Of course, make sure he/she is well versed in RE Investments before you decide to pull the trigger on one.  You can't know what you don't know and the good CPA will educate you on and advise you on those things.

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