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jensen-steve40
New Member

I purchased an investment property in Dec 2016, with the view to rent it out. It stood empty till April 2017. Which product do I need to purchase to file my taxes

 
2 Replies
Carl
Level 15

I purchased an investment property in Dec 2016, with the view to rent it out. It stood empty till April 2017. Which product do I need to purchase to file my taxes

Your rental property is not treated as such for your 2016 return, since it wasn't rented in 2016. It's treated as a 2nd home and reported as such. You'll deal with converting it from personal use, to a rental on your 2017 taxes next year. Make sure you keep all of your paperwork, because you will need it for the 2017 taxes. All of it.
Critter
Level 15

I purchased an investment property in Dec 2016, with the view to rent it out. It stood empty till April 2017. Which product do I need to purchase to file my taxes

Since the place was not rented until 2017 you will not reported it on the 2016 return. 


The 2016 Desktop software (CD/Download) can be purchased from TurboTax at the following link :

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

For 2016, all the downloaded programs will handle all tax forms.

Basic doesn’t include a state program (it is an extra cost) however the Deluxe version or better does include one state program.

You can efile up to 5 federal returns for free however there is an extra cost to efile each state return (mailing them is free).

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The 2016 Online version can be purchased here:

https://turbotax.intuit.com/personal-taxes/online/

Make sure to purchase the correct program since the Online program has limitations. Here is a short list of some common tax situations and the online products that now uniquely support them:

·         Itemized Deductions (Schedule A/1040)- Deluxe, Premier, and Home & Business (now called Self Employed)

·         Capital Gains or Losses (Schedule D) - Premier and Home & Business (now called Self Employed)

·         Rental Income (Schedule E) - Premier and Home & Business  (now called Self Employed)

·         Net Profit from Business (Schedule C-EZ) with NO Expenses to declare - Deluxe, Premier, and Home & Business  (now called Self Employed)

·         Profit or Loss from Business (Schedule C) - Home & Business  (now called Self Employed)

The online program only completes one return per user ID and the state program is an added cost however you can efile the federal and state returns for free.

 


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