Anyone Use Turbotax Premier?

This will be my first year filing with rental income, is it worth it to use Turbotax premier? Does this software cover everything I will need?

thanks
Nick

Comments(2)

  • tcikevin1st March, 2005

    Hey folks, I posted this on the tax board, but since all of you seem to have tried turbotax premier, i thought i would ask you all...

    Bought my property this year for 80K, put 20K remodel in before renting, so 100K cost basis at date of usage.

    When entering my turbotax info, it asks for the assessed value of land and improved property from my tax bill. I do not have a bill yet, but on the recording document at the county it says my assessed land value is 10K and my assessed improvements were 60K when I bought it for 80K.

    So turbotax calculated 10/70 = 14.3% as my land ratio and 60/70 = 85.7% as my building ratio.

    So then when calculating depreciation turbotax took on 85.7% of the 100K as depreciable, or only 85.7K.

    I thought it would have been my original price of 80K, less land of 10K, plus 20K remodel = 90K.

    This is essentially coming from the assessed valuation being under the purchase price, and so part of that 20K I spent on the remodel ends up increasing the value of the land.

    Do I just solve this by using 80K - 10K (land) as the value of the structure.

    Kevin

  • tcikevin1st March, 2005

    Thanks Alla, that is what I had come to the conclusion of when I really started thinking about it. I need to separate the original purchase, and the improvements into 2 speparate entries. That way none of the improvements will go toward land assessment.

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