If you want to understand taxes for rental real estate, I'd recommend Nolo's "Every Landlord's Tax Deduction Guide". You can probably even checkout a copy from your local library.
The first year of depreciating/amortizing an asset is probably the trickiest thing you need to deal with as a landlord with 1 or 2 residential properties. But since you've had CPA-prepared taxes, they have basically done all the work for you -- the first year of depreciation will generally be a partial year, and then every year after that will be the same (for a specific asset) until the asset is fully depreciated. (The last year may be a partial year too.)
But there's also the question of what you count as an expense versus a depreciable asset, and for small landlords there are some special cases -- if under a certain amount, and your real estate operation is below a certain scale, you can expense certain things instead of depreciating them.
The fact that your properties are in different states probably doesn't make that much difference. Once you complete your federal return, the state return is usually simple, though I guess it depends on your state.
fwiw, I have a rental property and do my own taxes with Turbo Tax deluxe (desktop)
The first year of depreciating/amortizing an asset is probably the trickiest thing you need to deal with as a landlord with 1 or 2 residential properties. But since you've had CPA-prepared taxes, they have basically done all the work for you -- the first year of depreciation will generally be a partial year, and then every year after that will be the same (for a specific asset) until the asset is fully depreciated. (The last year may be a partial year too.)
But there's also the question of what you count as an expense versus a depreciable asset, and for small landlords there are some special cases -- if under a certain amount, and your real estate operation is below a certain scale, you can expense certain things instead of depreciating them.
The fact that your properties are in different states probably doesn't make that much difference. Once you complete your federal return, the state return is usually simple, though I guess it depends on your state.
fwiw, I have a rental property and do my own taxes with Turbo Tax deluxe (desktop)
Statistics: Posted by w5000 — Sun Sep 08, 2024 9:37 pm — Replies 19 — Views 1265
