Taxes

[mama4gals]

Dh rec'd a lump sum disability compensation from the VA last year. With it we bought a house (no mort) which we rent out. Then we got a home equity line of credit, used $20K of it to put a down payment on another house to rent out (and now have a mort on that hs). My ? is how do I file our taxes this yr? In past yrs I have done it myself. Our stuff has been very simple; dh has a job, and I do a job at home, so we file the 1040 since I'm self-employed. But I need to know what other forms I have to file now that we have 2 rental props, and is it too much for me to do myself? Should I get an accountant? Thanks in advance!

Liz

[tekslilbrat]

I am not sure of the froms you need but I would call a local tax preperation place like HR block or even the IRS themselves and they will tell you exactly what forms you need to file and they will send them to you also. I know the long form is what my SO uses when he files and thats where he puts down his mortgage info, but I think there is a seperate from for rentals. Hop ethis helps

[leximom]

It may bode well for you to go to an accountant to make sure you get as much money as possible back and to make sure you don't forget anything. 2 years ago I attempted to do my taxes myself with a whole bunch of extras like you have and the amount seemed pretty low, so I took it to a local acct. and ended up getting a ton of $$.

[mama4gals]

Thanks, ladies. That's what dh says. I've just always done the taxes, and I get a certain feeling of accomplishment from doing them. However, I'm not that stubborn that I woudn't trade in the feeling of accomplishment for a ton of $$

Liz