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Sold a rental. Hire professional to do taxes or do myself as I have the last 8 yrs with tax software? Advice?
Question : Sold a rental. Hire professional to do taxes or do myself as I have the last 8 yrs with tax software? Advice?
professional tax software
Best answer:
Answer by wartz
Half of smart is knowing what you’re dumb at. If you are unsure about how to handle a complicated transaction, you should go with a pro on this one.
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#2 written by Spock (rhp) 1 year ago
the only tricky bits are adjusting your basis for depreciation for each year you owned the property (including this year), possible depreciation recapture if you used accelerated depreciation, and the maybe effect of AMT from prior years and/or the current year.
the capital gain bit is straightforward after you have these parts worked out, as is the AMT for this year.
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if you are now green around the gills about the language I just used, you need a paid preparer. make sure the one you choose has experience with the sale of rental real estate and knows the terms I just used.GL
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I’d hire a professional, a CPA or enrolled agent – this one will get pretty complicated over things like depreciation.
If you are just going to one of the storefront tax places like H&R Block or Jackson Hewitt, you might as well just do it yourself with tax software since most of their people aren’t likely to be trained in this type of transaction anyway.