Thanks for the responses.
So which product would you recommend? Turbo tax premier?
Let me provide a little more detailed information.
The residential rental operates at a loss and flows through the Scdedule E pt 1. The self rental is part of a 2 member partnership LLC that files a 1065 (done by a separate accountant so I don't need software to support it) and provides me a K-1 from that partnership. I also have a loan associated with acquiring ownership in partnership that I create a K-1 for the interest deductions. The self rental seems to flow though schedule E part 2 and I don't see an option to elect a property type there (7-self rental). Now that the self rental has a profit the loss from the residential rental calculated on form 8582 and it's worksheets gets deducted at the end of schedule E pt 2. I was going to get around this by modifying worksheets, making notes to IRS, and keeping track of carryover/suspended losses on my residential rental myself.
My self proprietorship is changing to s-corp (same accountant will prepare s-corp taxes so I don't need software for this either) and will be renting from the commercial building starting 2020 and I plan to have this self rental in place for many years. I would like to find a software program that can support this with out me having to manually override worksheets.
Just want to know if this will work with a software program before I pay for it.
Thanks,
-Robert
