Tax help needed: how to deduct expenses on a rental property. I added in my rental income on turbo tax (around 36k, one SFH 3k/mo) and now I have a 14k tax bill. It prompted me to put in the mortgage interest and property tax but didn’t really put a dent in it. Is there no prompt to take out depreciation expense, etc?

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Imo this is when you start to pay someone to do ur taxes vs an automation tool

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This. Especially because tax prep fees are also a deduction.

Turbo tax should do the depreciation calculation. Did you do schedule e? It walked me through it last year

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I can tell you what form but, no idea how to put it in turbo tax.

You are an asset owner so get a cpa to start doing your taxes

Yes your tax bill went up but you haven’t started your deductions yet. What I’m reading is similar to someone who sold stocks but didn’t put their purchase price in so it looks like 100% profit

A1 is right, but I find this is where turbo tax starts to lose its value over using actual tax forms (via software, I’m not a heathen) or paying someone. For simple stuff it’s great.

Turbo tax is great for W2 workers with simple situations. Once you start dealing with significant 1099 income / schedule C / schedule E / multiple stock transactions, it’s time to hire a professional. If nothing else, it’s another layer of protection in case something was miscalculated.

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