I have an out of state investment property that's under my name that I rent out to a tenant. I did my personal income taxes through Turbo Tax for free and during the process, it asked about any investment properties. Every time I tried including it, Turbo Tax tried to charge some fee to file the what's presumably the Schedule E form.
I decided to skip it since the fee was kind of outlandish and went ahead and filed my personal income taxes and got the amount I'll be receiving on the federal and state level. I'm not sure if this was the right thing to do and now I'm a little concerned :(. So my questions are as follows:
- Am I screwed?
- Do I need to hire an accountant that specializes in real estate in the same state that I'm renting out my property in or can I just do it in the state I currently reside at?
Thanks in advance for all the feedback :)