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10276
Level 2

turbotax live Expert help

I have 2 rental properties and have used online TurboTax Premier to file my income tax in the pass.

Last March 2022, I sold one rental property with capital gain.

Since this is my first time having a rental sale to report for 2022 income tax and will intend to buy the same online version but this time with additional Live TurboTax Expert help guidance or coach, which would cost more, to help me file my income tax in 2023. 

Questions:

1. Per your experience ... do you think the Live Expert help can coach me file the rental sale correctly with unallowed loses carry over from previous years, recaptured depreciation taken, costs for repairs and improvements, etc... or should I use a CPA tax services?

2. If I use a CPA tax service for 2022 income tax ... would all the taxes data from all previous years (2021 and all earlier years will be lost or they will be transferred to the online TurboTax 2023?

Do you have any suggestion or advise.

Thanks

1 Best answer

Accepted Solutions
rjs
Level 15
Level 15

turbotax live Expert help

TurboTax can only transfer from the immediately preceding year, such as from 2021 to 2022, or from 2022 to 2023. You will not be able to transfer data from 2021 TurboTax to 2023 TurboTax.


As tagteam said, a tax professional will use professional software. Some professional software might be able to transfer information from your .tax2021 data file, which you would have to download from TurboTax Online. But TurboTax cannot transfer information from any professional software. (I only know of one professional product that can transfer information from TurboTax. That is ProSeries from Intuit.)


We don't yet know what the TurboTax product offerings will be for 2022 tax returns. Based on the 2021 products, if you use TurboTax Live you will be preparing the tax return yourself using TurboTax, with help and guidance from TurboTax Live tax experts. You would then be able to transfer data from your 2021 TurboTax return to your 2022 return in TurboTax, and from your 2022 TurboTax return to your 2023 return in TurboTax. But if you use TurboTax Live Full Service the tax expert will prepare the tax return for you, just like a local tax professional. In that case they will use professional software, not TurboTax, so as far as transferring data is concerned you would be in the same position as if you used a local tax professional.

 

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4 Replies
tagteam
Level 15

turbotax live Expert help


@10276 wrote:

.......or should I use a CPA tax services?


It is your choice, of course, but a tax expert with TurboTax Live should not have a problem with the scenario you described.

 

A tax service will almost certainly use professional software, many of which have the ability to transfer tax files created with consumer-level software (such as TurboTax).

rjs
Level 15
Level 15

turbotax live Expert help

TurboTax can only transfer from the immediately preceding year, such as from 2021 to 2022, or from 2022 to 2023. You will not be able to transfer data from 2021 TurboTax to 2023 TurboTax.


As tagteam said, a tax professional will use professional software. Some professional software might be able to transfer information from your .tax2021 data file, which you would have to download from TurboTax Online. But TurboTax cannot transfer information from any professional software. (I only know of one professional product that can transfer information from TurboTax. That is ProSeries from Intuit.)


We don't yet know what the TurboTax product offerings will be for 2022 tax returns. Based on the 2021 products, if you use TurboTax Live you will be preparing the tax return yourself using TurboTax, with help and guidance from TurboTax Live tax experts. You would then be able to transfer data from your 2021 TurboTax return to your 2022 return in TurboTax, and from your 2022 TurboTax return to your 2023 return in TurboTax. But if you use TurboTax Live Full Service the tax expert will prepare the tax return for you, just like a local tax professional. In that case they will use professional software, not TurboTax, so as far as transferring data is concerned you would be in the same position as if you used a local tax professional.

 

10276
Level 2

turbotax live Expert help

Thanks so much for your reply with detail explanations ... looks like I will use the online TurboTax with live Expert assistance version for filing 2022 income tax. Able to transfer tax data from 2022 to 2023 is a necessary for me because I still have a second rental property and need to use TurboTax for any carry over issues.

VolvoGirl
Level 15

turbotax live Expert help

By the way, you need to say the years right so we don't get confused.  Next year you will be doing your 2022 return (in 2023).  You can transfer your current 2021 Turbo Tax return into 2022.  And if you use Turbo Tax again you can transfer 2022 into 2023 (in 2024).  You can transfer from online into online or into the Desktop program.  And Desktop into online.  

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