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Investors & landlords
Turbotax 2019 premier DOES NOT properly AUTOMATICALLY calculate personal use to rental in the middle of the year correctly. I answered all the questions and put in my dates correctly and my mortgage interest amounts were COMPLETELY WRONG. I went to H&R Block this year because this was the first time I converted a property to rental mid year and they showed I owed $4K when Turbotax said $0!!! I had to buy $200 in Turbotax software to actually see the IRS worksheets to figure out what was wrong. The SW should have done the allocation correctly and DIDN'T. I am sure the IRS would have caught this and then three years later send me a bill for the $4K plus probably $2K in interest.
‎July 12, 2020
6:34 PM