@Assyrian61 wrote:
I just need software advise! using more than 45 rental properties ?
The following is an old(er) answer from the old TurboTax Board (AXC) which, while applicable to the personal income tax prep products, TurboTax Business has the same limitation:
(1) Make the election to “group” some houses into one asset. HOWEVER, that can be problematic when you sell the houses. I would not advise that option unless you consult with a tax professional about it.
(2) Fill out the last 5 houses manually on Schedule Es, and override Line 17 on the 1040 to reflect the ‘extra’ forms that you manually did. HOWEVER, overriding in TurboTax voids their guarantee, and you would NEED to make sure the other numbers on the form adjust appropriately from the override.
(3) Use professional software. HOWEVER, you need to be very familiar with how a tax return works. Professional software does not give you step-by-step questions. You need to know what to enter and where. (4) Go to a tax professional. I suspect that is what you may have done in previous years. With 50 rental houses, I would suspect it is quite expensive to hire a professional.
(4) Go to a tax professional. I suspect that is what you may have done in previous years. With 50 rental houses, I would suspect it is quite expensive to hire a professional.
As a side note, except for option #1, you will not be able to e-file. The IRS has an e-file limit of 15 Schedule Es (3 houses per Schedule E). You would need to file by paper and mail it.
See https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/how-many-rental-prope...
