Cost of TurboTax

[SharkTT]

As the owner of a rental property, can I deduct the cost of TurboTax, and if so, how? I have seen no, I have seen yes, but only it you are itemizing. I have seen that you can, but only the cost variance between deluxe and Premier - so now I am totally confused. 

[ThomasM125]

You can deduct a portion of the TurboTax product, since it is a necessary and ordinary business expense. However, you can't deduct the full cost of the product, since you use it to prepare your personal taxes also. So, multiply the cost by a factor based on how much time you spend on the rental entries in TurboTax divided by the total time necessary to prepare your tax return.

You enter it as an Other Expense in the rental section of TurboTax.