Is it feasible to use TurboTax?
We can’t even agree if you should use Schedule E or Schedule C. It’s almost that time of year again.
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If you are not familiar with doing your taxes you might want to speak to an accountant who is familiar with airbnb to help you in your first year?
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For US Fed taxes I use schedule E since I rent monthly from Jan to April. Been doing it that way since I bought the house with upstairs flat. I enter everything into Turbotax from my Quicken files. Turbotax calculates depreciation, allocates and deals with capital additions, deducts proper amount for the unit’s share of interest, utility expenses etc. If you have never done any taxes other than a simple tax return as an employee you may want to talk to an accountant. If you do, contact one now and ask them what they’re going to need to do your taxes, and then do all your checkbook stuff for the entire year and have it ready to turn into them by Jan 15. I can almost guarantee that if you don’t get stuff to tax accountant by first week of Feb you can expect the accountant won’t have time to finish by April 15 and you will need to apply for a filing deadline extension.
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