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Old 11-27-2019, 01:55 PM   #141
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Do you prepare schedule Es for the rental or schedule C? My understanding is that you need to do schedule Es even though they are owned by LLCs.
Actually, the rentals aren't in the LLC. I'm also a Realtor and wife did IT consulting (until retiring this April). I just get extra liability insurance for the rentals.
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Old 11-27-2019, 02:57 PM   #142
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I just do what TurboTax tells me to do.
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Old 11-27-2019, 03:01 PM   #143
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I just do what TurboTax tells me to do.
Yep. You have the same system as me .
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Old 11-27-2019, 03:05 PM   #144
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I just do what TurboTax tells me to do.
Same here
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Old 11-27-2019, 03:27 PM   #145
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I do a few interview questions, get bored, and go forms mode.
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Old 11-27-2019, 03:41 PM   #146
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When I started doing IRA conversions, I had a tough time finding anyone that knew anything about them (this blog, however, was instrumental because all you folks seem to know that one). Then I found Block Advisors. An off shoot from HR Block but Sr. Level tax experts. They understood everything I was asking and at $55/hr, I can pay as I go. There is only one Block Advisor office in most big cities but I find this tool helpful when I need the research across all their advisors.
Oscar, thanks for the tip on Block Advisors - I may check them out. I've used a CPA for over 10 years now. Used to do my own taxes, but during my later W*rk years I felt more comfortable with CPA as complexity increased. Now that I am retired and recovering from w*ork burnout, I am trying out the TurboTax on the side. Still not sure I feel comfortable on my own.
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Old 11-27-2019, 05:03 PM   #147
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I do now and have done for the past two years. Prior to that we used an accountant. We consolidated a great deal of our finances. Completing the return is much easier now. Do not have the same write offs etc and forward tax planning is more straight forward for us.
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Old 11-27-2019, 05:57 PM   #148
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I do a few interview questions, get bored, and go forms mode.
me, too. as the tax forms come in i check them off on my list and enter them into TT rather than wait until I have everything. rarely get a refund..the tax cut year was a happy exception. but if we are due a refund we file ASAP. owe? we file on or about April 1st. we always file electronically.
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Old 11-27-2019, 09:35 PM   #149
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Since we sold the rentals a few years back I've been using TT. But I'll probably have to have them done this next spring. We sold our out of state winter home and bought another in the same area. Not sure how to go about that.
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