Any tax experts in here ? (real estate, rental, mortgage)

[jerzstyle00]

I would like to start on my W2 tax reurn but hesitant on which online software to use.My filing shouldn't take to long as I only have one W2 form(45k)(wife does not work and have 1 child) and a few donation receipts.But I do own 2 homes, one I live in(TX) and the other Im renting out to my uncle(NJ) but do not make any profit from as I just ask he pay for the mortgage and property tax.Interest paid was $5200(NJ) and $4500(TX).
So considering this circimstance here's my questions:

1)Does it hurt or help my return if I add the NJ home on my tax reurn?
2)If I do add the 2nd home, then what online tax software best suits 2
homes?
3)I purchased my TX home in sept of 2008,have owned my NJ 10 years so far,do I qualify for any government reimbursements?

Thanks.

[Jenny1981]

I'm by no means a tax expert but to answer a few of your questions...

1) I believe you are required to list your 2nd home on your taxes since you're in essense renting it and receiving money for it, even if you are breaking even.
2) I personally prefer to use TurboTax because of the simplicity of it. It gives you step by step instructions and asks you lotsa questions and gives you guidelines to get the biggest return possible.
3) The fact that you purchase a home in Sept 08 might have qualified you for the First Time Homebuyer Credit but since you already owned your NJ home, I believe that disqualifies you since you can't have owned a home 3 years prior to the one you bought in 08. More info on that can be found here...
Tax Credit to Aid First-Time Homebuyers; Must Be Repaid Over 15 Years

[jerzstyle00]

In my case, will it be more beneficial for me to do a 'standard deduction'($8350) or an itemized deduction? Here is a list of my summary

1)Head of household 54k in 2009(wife does not work)
2) I own 2 homes.total mortage interest paid=8200, total real estate taxes paid= 10,000
3)donations paid = 1500
4)medical bills and co-pays paid = 1000
5)sales tax paid not known but did purchase some furniture for $1500

Asuming these figures are close, which method is best to chose?

[whatdoiknw]

not trying to knock you...but you seem to be getting into enough detail that you either:

1. Get the full Premier version of Intuit Turbo Tax (handles rental properties), play around with the various options to determine which would save you the most

or

2. Go hire an actual tax advisor/accountant.

It would be foolish to rely on trying to get people to help you in an online setting, especially with something that "can" be as complicated as tax filing and most likely any real tax professional won't comment because technically it can open them up to a lawsuit.