Is it possible to find information for depreciation from past returns, so I can infer what the basis is he has used for each property? That and sending 1099-MISC are my main concerns now. I want to be careful, accurate, and confident. I cannot guess which of the TurboTax products I will need. I am not incorporated, have not considered what I'm doing a business, but there isn't any definitive information available.
Yes, you can.
The first year will be the most time consuming and then after that it will be very easy.
The reason for this, is you will need to get a detailed depreciation schedule from the CPA and then make sure all the rentals are properly entered, with the buildings, land and other assets. The dates of purchase and prior depreciation will be needed.
The detailed deprecation does not need to be attached as part of the return that was filed, so that is why you may have to get it from the accountant, which is required to give it to you.
Then the 2nd year, all of that will automatically be computed for you.
You will need to use TurboTax Premier for the rentals. If you need to prepare the 1099Misc then you will to step up to TurboTax Home & Business.
If you like to see that actual tax forms while you are preparing the return, then the downloadable product may be best for you. See below for more detail on the product.
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