My Accountant retired. I have an AirBnB and need to depreciate that part of my house and deduct expenses associated with my AirBnB. What version of Turbo Tax do I need?

[Critter-3]

If that was being reported on a Sch E then you need the Premiere version of the ONLINE program  OR  any of the DOWNLOADED versions.

If that was being reported on a Sch C  then you need the Self Employed version of the ONLINE program  OR  any of the DOWNLOADED versions.

[AnnetteB6]

You will either need to use TurboTax Online Premier or higher, or one of the CD/downloaded versions of TurboTax (preferably Premier or higher).   Any of the CD/downloaded versions will have all the forms you need, but the higher versions will give you more guidance along the way tailored to the more complex situations such as rental income and expenses.

Before you begin, be sure that you have a complete packet of information from your accountant, including a depreciation worksheet showing what is being depreciated, the method of depreciation used, and prior depreciation taken.  It is important to duplicate this in TurboTax and continue the same method used in the past.

[Critter-3]

Agreed ... without the depreciation worksheet it will be almost impossible to recreate it from all the prior year  4562 forms.

[mgjerstad-yahoo-]

After viewing my 4562 form from 2021, I think I'm over my pay grade in doing this myself.  Does Turbo Tax offer support to do this for me, or do I need to get another accountant.  I just entered everything into the on-line Turbo Tax, so hoping they can get everything else from all my current work.  You help is much appreciated.  Cheers, Michael

[MarilynG1]

Here's some info on TurboTax Live Assistance. 

This link has tips for Airbnb Rentals you may find helpful. 

[mgjerstad-yahoo-]

Thanks for the links, at this point after looking at the 4562 form my account used, it might be best to have someone do that form for me.  Is there someone at TurboTax who will do the 4562 form for me?  Or at least walk me through it step by step?

[MarilynG1]

Check out TurboTax Full Service.

@mgjerstad-yahoo- 

[mgjerstad-yahoo-]

I tried having Turbo Tax do my taxes.  I have two AirBnB's in my house and need to depreciate them.  Because of the second AirBnB, they doubled my price to do my taxes.  If I go back to  doing it myself, can I do more than one rental?  If yes, what product do I need?

[Critter-3]

Yes you can ... you would need the Premier or better if you use the ONLINE program  or you can use ANY of the downloaded/CD versions ... get Deluxe if you need a state return and Basic if you don't.

https://turbotax.intuit.com/personal-taxes/online/file-your-own-taxes/#see-pricing

https://turbotax.intuit.com/personal-taxes/cd-download/

[mgjerstad-yahoo-]

What do people suggest, CD version downloaded or On-Line.  I need some help with the 4562 form, I see you can get help with on-line.  Is the support the same with the CD version?

[Critter-3]

Support is the same for both versions ... only the free version has no support.   You need the depreciation worksheets from the prior year return ... if you only have the 4562 forms then contact your CPA and demand they send you the worksheets since they are part of your return and should have been included in the packet you got from them.   

[mgjerstad-yahoo-]

Thank you for the update.  I have 4562 form from last year.  Right now I'm on-line trying to get this form to fill it in.  However, I can't seem to bring it up.  How do I find it with the on-line version.

[RobertB4444]

You're going to go to the Wages and Income section and scroll down to the rental real estate section.  Enter everything in there.  

It has space for the assets and all the associated stuff for your air b&b business.  It will put it in the correct section and it will generate the forms (including the 4562) that you need.  

It's why @Critter-3 suggested that you get the worksheets from last year - you're going to need to enter a lot of information about the houses and assets that you have including prior depreciation.  All of that information is on those worksheets.  But once you have it all entered then the forms will be there.

@mgjerstad-yahoo- 

[mgjerstad-yahoo-]

I'm making progress.  Another quick question.  Right now Turbo Tax is calculating my Rental Expenses based on the % of use.  This is good for Mortgage interest and taxes.  However, I have several expenses that are 100% associated with the rental.  So it only gives me a partial deduction, is there a way to get these expenses to show at 100%?